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European shares fall on U.S. Fed's grim view on recovery

Published 08/20/2020, 03:25 PM
Updated 08/20/2020, 03:30 PM
© Reuters.
IHG
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ACCP
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ANTO
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STOXX
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SXEP
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SX7P
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SXAP
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SXPP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Aug 20 (Reuters) - European stocks were hit by a wave of
selling in global equity markets on Thursday after the U.S.
Federal Reserve signalled a long and difficult path of recovery
for the world's largest economy.
The pan-European STOXX 600 index .STOXX fell 1.2% by 0712
GMT, with miners .SXPP slumping 2.7% due to lower metal
prices. MET/L
Other economically sensitive sectors such as banks .SX7P
and automakers .SXAP and oil and gas .SXEP dropped between
1.6% and 1.9%.
Chilean miner Antofagasta 's shares ANTO.L fell 4.3% after
it posted a 22.4% plunge in first-half core earnings on lower
copper sales, but said it would pay an interim dividend.
The losses were broad-based, with Wall Street indexes
retreating from all-time highs on Wednesday after the Fed's
minutes from its latest policy meeting showed policymakers
concerned that an economic recovery would need stimulus measures
for a far longer period. Among notable gainers, Intercontinental Hotels Group IHG.L
jumped 2.6% and France's Accor ACCP.PA gained 2.0% after a
French newspaper reported the hotel operators examined a merger.


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