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Oct 26, 2020

News | Business | European Markets: European markets retreat as coronavirus resurgence weighs; Tech stocks down 5%


Elliot Smith

LONDON — European markets were lower Monday morning as surging coronavirus cases throughout the continent and a stalemate over U.S. fiscal stimulus continue to weigh on sentiment.

.FTSEFTSE 100FTSE5829.20-31.08-0.5339081620
.FCHICAC 40 IndexCAC4853.71-55.93-1.144085440

The pan-European Stoxx 600 fell 0.9% at the start of trading, with tech stocks plunging 5.1% as all sectors except healthcare slid into negative territory.

The resurgence of the coronavirus in Europe has continued apace in recent days, with France reporting a record daily rise in new infections on Sunday, Italy ordering bars to close early and shutting public gyms and Spain issuing a nationwide curfew to stem a worsening outbreak.

The U.S. also reported a record number of daily Covid-19 infections on Friday with more than 83,000, surpassing its mid-July peaks despite President Donald Trump’s insistence that the country is “rounding the turn” on the virus.

Asian markets were mixed overnight as investors monitored the deteriorating situation in the West, while U.S. stock futures are pointing to a lower open on Wall Street later in the day.

Meanwhile, hopes of a new coronavirus aid bill being signed in Washington ahead of the Nov. 3 election are diminishing by the day. House Speaker Nancy Pelosi told CNN over the weekend that a deal is still possible this week and that she had sent Treasury Secretary Steven Mnuchin a list of concerns over the weekend and was hoping for an answer on Monday.

On the data front, Germany’s Ifo Institute publishes its business climate and expectations survey for October at 9 a.m. London time.

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