European stocks pause as virus worries offset rebound hopes

- European stocks paused on Friday after gains through the week as another record surge in U.S. coronavirus cases dulled optimism from a brisk recovery in China’s services sector.

The pan-European STOXX 600 index was largely flat after opening marginally higher, with trading volumes thinned by a U.S. market holiday. The benchmark index was headed for a 2.8% weekly gain as hopes of a COVID-19 vaccine and a series of strong data pointed to a global economic recovery from the health crisis.

“The fear of another big drop in equity prices continues to haunt financial markets. The opportunity to engage in European assets also seems a bit limited,” Thomas Flury, head of FX Strategies at UBS Global Wealth Management wrote to clients.

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