Coronavirus restrictions, SAP slump knock European stocks

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European stocks sank on Monday, as Italy and Spain imposed fresh restrictions to control a resurgence in coronavirus cases, while shares in German heavyweight SAP slumped 20% after it cut its 2020 outlook.

abandoned medium-term profitability targets and cautioned that its business would take longer than expected to recover from the pandemic.Europe became the second region after Latin America to surpass 250,000 deaths on Saturday, according to a Reuters tally, as many Southern European countries reported their highest number of COVID-19 cases in a single day.

Italy on Sunday ordered bars and restaurants to close by 6 p.m. and shut public gyms, cinemas, while Spanish Prime Minister Pedro Sanchez announced a new state of emergency.dropped 1.5%, even as ratings agency Standard and Poor's upgraded Italy's sovereign outlook to stable from negative.

 

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