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European stocks tumble on concerns over recovery

Published 06/25/2020, 03:33 PM
Updated 06/25/2020, 03:40 PM
© Reuters.
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LHAG
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
June 25 (Reuters) - European shares fell again on Thursday
on dimming prospects for a recovery in the global economy, but
shares in Lufthansa soared after a major shareholder agreed to
endorse a 9-billion-euro state bailout.
The pan-European STOXX 600 .STOXX fell 1.1% by 0717 GMT,
led lower by travel & leisure .SXTP , bank .SX7P and oil &
gas .SXEP stocks.
A surge in the number of coronavirus cases globally,
prospects of a fresh trade tussle between the United States and
the European Union and worrying forecast for global economy this
year pushed the STOXX 600 to its lowest since June 15.
Among gainers, Lufthansa LHAG.DE rose 11% after
billionaire Heinz Hermann Thiele, who owns a 15.5% stake, told a
local newspaper he would endorse the rescue. Bayer AG BAYGn.DE inched 0.3% higher after it agreed to
pay as much as $10.9 billion to settle U.S. lawsuits claiming
that its widely used weedkiller Roundup caused cancer.

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