Cyclical stocks knock Europe lower, focus on EU talks

Credit: REUTERS/STAFF

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July 20 (Reuters) - European shares fell on Monday, dragged down by cyclical sectors amid a surge in coronavirus cases globally, while investors remained cautiously optimistic about the ongoing talks over an EU-wide recovery fund.

An index of eurozone shares .STOXXE were down 0.5%, with the euro jumping to a four-month high. FRX/

EU leaders were making progress after three days of haggling over a plan to revive economies throttled by the COVID-19 pandemic, but Dutch Prime Minister Mark Rutte warned the discussions could still fall apart.

The broader European equities index .STOXX also fell 0.5%, while Asian markets remained subdued as coronavirus cases increased in many countries. GLOB/MKTS

Travel & leisure .SXTP fell 2.2%, the biggest sectoral decliner in Europe, while oil & gas companies .SXEP, automakers .SXAP and banks .SX7P dropped more than 1% each.

Swiss wealth manager Julius Baer Gruppe AG BAER.S declined 5.5% as it reported a 6% drop in assets under management from end-2019 in the six months through June.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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