Cyclical stocks knock Europe lower, focus on EU talks

Credit: REUTERS/STAFF

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.

For a live blog on European stocks, type LIVE/ in an Eikon news window

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.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More