European Shares Mixed Amid Virus Worries

(RTTNews) - European stocks were mixed on Monday as investors weighed the possibility of additional fiscal stimulus from the United States against rising coronavirus cases around the world and escalating U.S.-China tensions, following the closures of consulates in Houston and Chengdu.

The pan European Stoxx Europe 600 index was little changed at 367.35 after losing 1.7 percent to post its first weekly fall in four on Friday.

The German DAX rose 0.3 percent after a survey showed German business confidence strengthened in July.

The ifo institute's business confidence index rose more-than-expected to 90.5 from revised 86.3 in June. The reading was forecast to rise to 89.3.

France's CAC 40 index and the U.K.'s FTSE 100 slipped around 0.1 percent each as global coronavirus cases exceeded 16 million over the weekend with over 644,000 deaths.

Tour operator TUI slumped as much as 11 percent. TUI UK announced that it would cancel all holidays to mainland Spain up to and including Sunday 9th August 2020.

Airline easyJet slumped around 11 percent and British Airways-owner IAG plunged 8.7 percent after Britain announced an unexpected 14-day quarantine on travelers coming from Spain because of a surge of coronavirus cases.

Ryanair Holdings lost 5 percent. The company said it expected air travel to be depressed in Europe for the next two to three years due to the Covid-19 pandemic.

HSBC Holdings lost 2.8 percent. Responding to Chinese media reports over dealings with Huawei Technologies Co., the bank denied media reports that it had "framed" the Chinese telecom giant and played a role in the arrest of the chief financial officer of Huawei.

Software group SAP climbed 3 percent after it unveiled plans to spin off and float Qualtrics, the U.S. specialist in measuring online customer sentiment.

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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