European shares enter fourth day of declines, energy firms drag
Reuters
Published Jul 10, 2020 03:33AM ET
By Sruthi Shankar
(Reuters) - European shares extended losses for a fourth straight session on Friday on worries that an economic recovery may fizzle out as coronavirus cases continue to rise globally.
The pan-European STOXX 600 index (STOXX) slipped 0.4% by 0714 GMT, with energy firms (SXEP) sliding 1.4% as oil prices fell on worries of fuel demand. [O/R]
Other growth-sensitive sectors such as miners (SXPP), insurers (SXIP) and banks (SX7P) fell between 0.8% and 1%.
The STOXX 600 was headed for a small weekly loss as an early bump from a rally in Chinese equities was offset by fears of more business shutdowns, particularly in the United States where more than 60,500 new COVID-19 infections were reported on Thursday.
Among individual movers, Swiss duty free operator Dufry (S:DUFN) fell 5.3% after announcing cuts to personnel expenses by 20% to 30% this year as it tackles a plunge in sales caused by the pandemic.
German genetic testing firm Qiagen (DE:QIA) rose 3.1% after it reported a 68% rise in quarterly earnings amid strong demand for products used in coronavirus testing.
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Written By: Reuters
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