European shares turned from three-month highs on Monday after technology and healthcare stocks saw losses. The drop dented hopes of an economic recovery from the COVID-19 pandemic.
The STOXX 600 index slipped 0.4% as investors retreated from expensive names and flocked to banking, auto, and oil & gas stocks.
Europe’s healthcare index lost 1.5%, with AstraZeneca dropping more than 2.7%. Shares from the pharmaceutical company fell after Bloomberg reported that it had approached its U.S. rival Gilead Sciences about a possible merger, which could have formed the largest drug company in the world.
Oil giants including Royal Dutch Shell, BP, and Total gained between 0.7% and 3.0% after oil prices rose when major producers agreed to extend a deal on record production cuts.
Danske Bank gained 8.2% after Estonian bank LHV agreed to buy its Estonian corporate and public sector credit portfolio. Germany’s card payment company Wirecard also fell by 3.3%
Shares from Swedish telecoms manufacturer Ericsson’s dropped by 2.2% after it said that its 2Q results would decline by 1 billion Crowns ($108.8 million) due to write-downs of product inventory in the Chinese market.
The STOXX 600 index had closed just 14% below its all-time high in a previous session on Friday, with the U.S. NASDAQ index overtaking its intraday record high.
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
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Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...