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European shares sink to 1-month lows as C-19 cases surge

Published : Wednesday, 28 October, 2020 at 12:00 AM  Count : 159

LONDON, Oct 27: European equities fell in early Tuesday trading as risk-aversion swept markets, with a resurgence of coronavirus cases threatening the global economic recovery and caution ahead of US elections on Nov. 3.
Wall Street had its worst day in a month on Monday, and Asian markets also fell overnight.
The MSCI world equity index, which tracks shares in 49 countries, was down 0.1per cent at 0828 GMT, having erased some losses overnight after dropping to a 19-day low in the previous session.
MSCI's main European Index was at a one-month low, down 0.5per cent . The STOXX 600 also touched new one-month lows in early London trading, down 0.4per cent on the day, as weakness in miners and automakers offset upbeat results from UK blue-chip companies HSBC and BP.
"It's difficult to escape the feeling that investors are undergoing much higher levels of apprehension about how events over the next few days, as well as the next few weeks, are likely to play out, with respect to the prospect of tighter restrictions and new lockdowns," Michael Hewson, chief market analyst at CMC Markets UK, wrote in a note to clients. The United States has seen record COVID-19 infections, while in France authorities are looking at options for tighter lockdown measures as the virus has kept spreading despite some of the tightest restrictions in Europe.   -Reuter









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