European Shares Extend Losses Amid Virus Spread

(RTTNews) - European stocks fell on Tuesday to extend losses from the previous session, as coronavirus-related worries as well as widespread uncertainty over the U.S. presidential election outcome overshadowed encouraging earnings news from the likes of HSBC, BP and Banco Santander.

The pan European Stoxx 600 fell 0.6 percent to 353.88 after declining 1.8 percent on Monday. The German DAX dropped 0.6 percent, France's CAC 40 index tumbled 1.3 percent and the U.K.'s FTSE 100 was down 0.3 percent.

French IT services provider Capgemini rallied 4.2 percent after confirming its full-year targets.

Spanish lender Banco Santander added 2.7 percent after reporting an earnings rebound from its worst-ever quarter.

HSBC Holdings jumped 6.3 percent in London. After reporting a 35 percent fall in quarterly profit, the bank said it would embark on a pandemic-induced overhaul of its business model.

Oil major BP Plc advanced 1.5 percent after narrowly avoiding a third-quarter loss.

Rolls Royce Holdings gained 1.2 percent. As per a report published in the Financial Times, the company is planning new cost cutting actions.

Swiss drug maker Novartis fell 1.3 percent after it posted lower third-quarter net profit, hit by legal provisions.

easyJet dropped 1.2 percent after the airline confirmed the sale and leaseback of nine aircraft with two counterparties.

Miner Anglo American fell over 1 percent and Glencore lost 2.2 percent after data showed profits at China's industrial firms rose at a slower pace in September.

Automakers BMW, Daimler, Volkswagen, Renault and Peugeot lost 2-3 percent.

Brenntag, a chemical distribution company, jumped 5.4 percent after announcing it will lay off 1,300 jobs.

Rational AG surged 4.4 percent. The company said that sales revenues have stabilized at lower levels due to relaxation of Covid-19 restrictions in many markets.

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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