European stocks slumped to a one week-low on Wednesday as a surge in coronavirus cases and news that US was weighing tariffs on European products dashed investors hopes of a speedy economic recovery.[BENGALURU] European stocks slumped to a one week-low on Wednesday as a surge in coronavirus cases and news that US was weighing tariffs on European products dashed investors hopes of a speedy economic recovery.
The pan-European Stoxx 600 closed 2.8 per cent lower, recording its second worst fall this month. Economically sensitive cyclical sectors such as travel & leisure, automakers, oil & gas and banks led declines, falling between 3.7 per cent and 4.7 per cent. Many US states saw record daily increases in Covid-19 infections amid easing of lockdowns, while a media report that European Union countries are prepared to bar entry to Americans raised worries of fresh restrictions.
Further adding to woes, the United States may modify duties on a range of EU products and was weighing tariffs on other products from Britain, France, Spain and Germany that have an approximate value of US$3.1 billion, according to the Office of the US Trade Representative. "Coming at a particularly difficult time for markets, this breakdown in relations provides another reason for traders to be cautious about the forthcoming period," said Joshua Mahony, senior market analyst at IG.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Herkunft: BusinessTimes - 🏆 15. / 51 Weiterlesen »
Herkunft: BusinessTimes - 🏆 15. / 51 Weiterlesen »