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May 13 (Reuters) - European shares fell on Wednesday, as
investors feared a surge in COVID-19 cases after several
hard-hit countries started to ease lockdowns, while rising
U.S.-China tensions also dented sentiment.
The pan-European STOXX 600 index .STOXX fell 1.1% by 0710
GMT, with banks proving a drag after a slew of negative updates.
Shares in Germany's Commerzbank CBKG.DE slid 3.2% and
Dutch bank ABN Amro ABNd.AS dropped 5.3% after swinging to a
loss in the first quarter as the COVID-19 pandemic drove up loan
loss provisions. Deutsche Bank DBKGn.DE dropped 4.4% on news that top
managers will waive one month of fixed pay in an effort to cut
costs. Investors also witnessed the biggest deal involving a
European buyer collapse due to the market dislocation caused by
the pandemic.
Shares in Exor EXOR.MI , the holding firm of Italy's
Agnelli family, fell 4.3% as French insurer Covea walked away
from its planned $9 billion purchase of PartnerRe, the
Bermuda-based reinsurer owned by Exor.