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April 24 (Reuters) - European shares tumbled on Friday on
fears of a severe and lasting economic hit from the coronavirus
pandemic after a report raised doubts about progress in
developing a treatment for COVID-19.
The pan-European STOXX 600 index .STOXX was down 1.1% at
0719 GMT, with London's FTSE 100 .FTSE shedding 1.3% as data
showed UK retail sales crashed in March. .L
Global equity markets headed lower as a closely watched
Gilead Sciences Inc GILD.O experimental drug failed to help
patients with severe COVID-19 in a clinical trial, even as the
drugmaker said findings were inconclusive because the study was
terminated early. MKTS/GLOB
All the major European sectors fell in early trading, with
the banking index .SX7P leading the declines as S&P cut
Commerzbank's CBKG.DE credit rating by a notch and lowered its
outlook for Deutsche Bank DBKGn.DE to negative from stable.