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European shares set for weekly losses as virus cases surge

Published 10/16/2020, 03:10 PM
Updated 10/16/2020, 03:20 PM
© Reuters.
UK100
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TKAG
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FTMC
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STOXX
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SXEP
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SX7P
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Oct 16 (Reuters) - European shares bounced from two-week
lows on Friday but were still set for weekly losses after a
sell-off that was marked by fears of a second wave of COVID-19
infections, Brexit-related uncertainty and doubts about more
U.S. fiscal stimulus.
The pan-European STOXX 600 index .STOXX was up 0.7% after
posting its worst session in more than three weeks on Thursday.
Banks .SX7P , insurers .SXIP and energy .SXEP stocks, which
bore the brunt of the losses this week, were up between 0.3% and
1.0%.
A resurgence in coronavirus cases across Europe has stoked
fears about more sweeping lockdowns, with London and Paris -
Europe's two richest cities - again living under the shadow of
state-imposed restrictions. Focus on Friday will be on signs of progress in Brexit
negotiations, with Prime Minister Boris Johnson set to give
Britain's response to the European Union's demand that he either
gives more concessions to secure a trade deal or braces for a
disorderly Brexit in three months. London stocks .FTSE .FTMC rose about 1.0% in early
trading, but were still on course to snap a two-week gaining
streak. .L
Shares of Thyssenkrupp TKAG.DE surged 24.2% as a report
said privately-held Liberty Steel Group is set to bid for the
ailing steel unit of the company as soon as Friday.

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