Weak German business morale, vaccine delays push European stocks to two-week low | Malay Mail

Tuesday, 26 Jan 2021 07:54 AM MYT

The pan-European STOXX 600 index reversed early gains and finished 0.8 per cent lower. The German DAX fell 1.7 per cent, France CAC 40 was down 1.6 per cent and the UK's FTSE 100 declined 0.8 per cent. “German Q1 GDP now looks likely to fall by at least 1 per cent qoq, assuming that the restrictions for retail and services will only be gradually lifted after February 14,” Deutsche Bank's chief economist, Stefan Schneider, wrote in a note.

Markets took a turn for the worse after US drugmaker Merck said it would end development of its two Covid-19 vaccines. British Airways-owner IAG, Ryanair, Lufthansa and Air France KLM fell between 3.3 per cent and 7.7 per cent, while retailers fell 1.5 per cent.

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