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Jump in Europe virus cases hits shares after sharp weekly rally

Published 11/13/2020, 04:12 PM
Updated 11/13/2020, 04:20 PM
© Reuters.
FCHI
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EDF
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STOXX
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Nov 13 (Reuters) - Europe's benchmark stock index fell on
Friday, setting up to end its second straight week of gains on a
glum note, as surging coronavirus cases compounded fears of the
damage to the bloc's economy in the coming winter months.
The pan-European STOXX 600 .STOXX was down 0.3% by 0805
GMT after jumping earlier this week on optimism around a working
COVID-19 vaccine. The index has gained about 12% in the past two
weeks, also buoyed by hopes of calmer global trade under U.S.
President-elect Joe Biden.
France's CAC 40 index .FCHI lost 0.1% as Prime Minister
Jean Castex said there would be no immediate easing of a second
COVID-19 lockdown, with the number of hospitalisations now
higher than at the peak of the first wave. The energy index .SXEP led declines, falling 1.4% with
banking .SX7P and travel stocks .SXTP also dropping more
than 0.8% in early trading.
In company news, French power group EDF EDF.PA fell 0.3%
after reporting a decline in third-quarter revenue as the
COVID-19 pandemic sapped electricity demand and weighed on
nuclear energy output in France.

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