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UK quarantine moves, data knock European stocks lower

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[BENGALURU] European shares slid in thin summer trading on Friday as travel stocks slumped after Britain added more countries to its quarantine list, while weak data from across the globe raised doubts over the pace of economic recovery from the coronavirus crisis. Read more at The Business Times.

"What we have got is a significant amount of uncertainty over the evolution of coronavirus pandemic, which is maintaining a risk premium for the transportation, leisure and hospitality sectors," said Alastair George, head strategist at Edison Investment Research.

Worries over upcoming US-China trade talks amid souring diplomatic relations between the two countries and a lack of progress in negotiations over US economic stimulus, a major factor that has pushed US stocks near all-time highs, also weighed on the mood. "We do believe there's value in European equities," said Matthias Scheiber, global head of multi asset portfolio management at Wells Fargo Asset Management.

 

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