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Global sell-off drives European stocks to 3-month lows

Published 09/24/2020, 03:31 PM
Updated 09/24/2020, 03:40 PM
© Reuters.
UK100
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FCHI
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DE40
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CINE
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STOXX
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SX8P
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SXEP
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SXTP
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ADYEN
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Sept 24 (Reuters) - A sell-off in global risk assets drove
European equities to near three-month lows on Thursday, as the
absence of fresh stimulus for the U.S. economy and a second wave
of coronavirus cases raised fears of a slowing global recovery.
The pan-European STOXX 600 index .STOXX fell 1.0% by 0711
GMT, hitting its lowest since June 26, while bourses in
Frankfurt .GDAXI , London .FTSE and Paris .FCHI were down
between 0.6% and 1.0%.
Wall Street indexes suffered sharp losses overnight, led by
technology stocks after U.S. Federal Reserve officials called on
more government aid from the Congress, while reinforcing their
stance of loose monetary policy. .N
Meanwhile, France become the latest European country to
reimpose curbs with the government unveiling a map of
coronavirus "danger zones" and giving the hardest-hit local
authorities days to tighten restrictions or risk having a
state-of-health emergency declared there. Growth-sensitive sectors such as travel .SXTP and oil &
gas .SXEP fell about 2%, weighing on the markets. Tech stocks
.SX8P also dropped 2%.
British cinema operator Cineworld CINE.L slumped 16.5% as
it swung to a loss and said it may have to raise more money if
pushed to shut its theatres again due to government curbs on
social gathering. Online payments company Adyen ADYEN.AS fell 2.6% after it
said co-founder Arnout Schuijff would step down from its
management board as of Jan. 1.

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