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European shares slide on Fed outlook, worries of new virus cases

Published 06/11/2020, 03:26 PM
Updated 06/11/2020, 03:30 PM
© Reuters.
STLAM
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LHAG
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PEUP
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STOXX
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SX7P
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SXAP
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SXTP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 11 (Reuters) - European shares moved further away from
their three-month peak on Thursday after a downbeat economic
outlook from the U.S. Federal Reserve and on worries of a second
wave of COVID-19 cases.
The pan-European STOXX 600 .STOXX fell 2.6%, its fourth
straight day of decline, with travel and leisure stocks .SXTP ,
banks .SX7P and automakers .SXAP losing between 4.5% and 5%.
A possibility of a fresh rise in U.S. coronavirus cases
dampened risk appetite, with a Reuters analysis showing
infections rose slightly after five weeks of declines, partly
due to more testing.
A strong rally in global stocks halted this week, with
markets taking another leg lower on Thursday after the Fed
warned of a long road to recovery, while projecting the U.S.
economy to shrink 6.5% in 2020 and the unemployment rate to be
9.3% at the year's end. Lufthansa LHAG.DE slumped 12.5% after it admitted that
positions of up to 26,000 employees are surplus to requirements,
suggesting many more jobs will be cut at the German carrier.
Fiat Chrysler FCHA.MI fell 5.3% and Peugeot maker PSA
PEUP.PA 6.5% after a report that the carmakers will face a
lengthy EU antitrust probe over their planned $50 billion
merger.

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