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European shares take a breather, banks lead decline

Published 07/07/2020, 03:28 PM
Updated 07/07/2020, 03:30 PM
© Reuters.
HEIG
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EXHO
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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)
July 7 (Reuters) - European shares slipped on Tuesday as
investors locked in gains following a rally in the previous
session on China's move to prop up its market, with surging U.S.
coronavirus cases also weighing on the mood.
The pan-European STOXX 600 index .STOXX slipped 0.7% by
0713 GMT, falling back from a near one-month high.
Retail investors rushed to join an officially sanctioned
bull market in China, a major trading partner of Europe, driving
Shanghai-listed shares to a five-year high and sparking optimism
across global markets on Monday. .SS
Banks .SX7P , which had surged 4% in the previous session,
fell 2%, while energy firms .SXEP also dragged the market
lower as oil prices slid on concerns over a recovery in fuel
demand. O/R
Among individual movers, Heidelbergcement HEIG.DE dropped
2% after the company said a review of its assets had forced it
to book an impairment of 3.2 billion euros due to the fallout of
the pandemic. French catering and food services group Sodexo EXHO.PA
slipped 1.5% as it forecast fourth-quarter and half-year sales
to fall harder than previously expected due to the impact of the
coronavirus pandemic.

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