🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Tech, healthcare weakness drives European shares lower

Published 10/06/2020, 03:31 AM
Updated 10/06/2020, 04:45 AM
© Reuters. FILE PHOTO: The German share price index DAX graph at the stock exchange in Frankfurt
UK100
-
FCHI
-
DE40
-
LOGN
-
ENGIE
-
VIE
-
TELIA
-
PRTP
-
AAPL
-
SEVI
-
L
-
STOXX
-
SX8P
-
SXDP
-
PUMG
-

By Sruthi Shankar

(Reuters) - European stocks eased from a two-week high on Tuesday as a slide in technology and healthcare stocks along with mixed corporate updates tempered optimism about a U.S. stimulus package that bolstered Wall Street indexes overnight.

The pan-European STOXX 600 (STOXX) slipped 0.4%, with the German DAX (GDAXI) and France's CAC 40 (FCHI) down about 0.3%, while London's FTSE 100 (FTSE) fell 0.5%. (L)

Global markets saw a relief rally as U.S. President Donald Trump was discharged from the hospital following treatment for COVID-19 and the prospects for a fresh U.S. stimulus package appeared to brighten. [MKTS/GLOB]

"While it is more than possible that Trump's case of COVID-19 will return to the top of the table at some point, presently his discharge has left the markets looking a bit aimless," Connor Campbell, a financial analyst at Spreadex wrote.

Technology (SX8P) and healthcare stocks (SXDP), among the top performers in Europe this year, led the declines.

Wall Street's tech-heavy Nasdaq futures came under pressure after a draft seen by Reuters showed that a U.S. House's antitrust report on Big Tech firms contains a "thinly veiled call to break up" the companies.

Meanwhile in Europe, a newspaper reported that Scotland is looking to impose a two-week mini lockdown from Friday, while Spain became the first Western European nation to surpass a tally of 800,000 COVID-19 cases.

Puma (DE:PUMG) slid 2.4% after French luxury group Kering (PA:PRTP) said it had completed the sale of a 5.9% stake in the German sportswear group.

Swiss technology accessories make Logitech (S:LOGN) fell 6% after Bloomberg reported that Apple (O:AAPL) had stopped selling headphones and wireless speakers from rivals.

French waste and water firm Suez (PA:SEVI) jumped 4.4% after rival Veolia (PA:VIE) succeeded in buying 29.9% of the company owned by power group Engie (PA:ENGIE).

Shares of Veolia and Engie rose nearly 1% each.

Sweden's Telia (ST:TELIA) gained 5.4% after it agreed to sell its international carrier business, Telia Carrier, to Polhem Infra for 9,450 million SEK ($1.06 billion).

© Reuters. FILE PHOTO: The German share price index DAX graph at the stock exchange in Frankfurt

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.