European shares fell on Tuesday as surging U.S. coronavirus cases and forecasts for a deeper-than-feared recession in the euro zone dimmed optimism around a post-pandemic rebound.
German drugs and pesticides maker Bayer slumped 6.9per cent on news that a U.S. judge questioned a long-negotiated settlement of lawsuits claiming its widely used weedkiller, Roundup, caused cancer. "We are taking a more cautious stance because a lot of the assumptions are increasingly priced in as certainties. That is something that worries," said George Efstathopoulos, a portfolio manager at Fidelity Investments."A lot of the improving data are in response to the removal of physical constraints. They don't really tell us anything about consumption hugely affected by unemployment numbers.
French catering and food services group Sodexo dropped 6.9per cent 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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