European shares enter fourth day of declines, energy firms drag

MG News | July 10, 2020 at 12:44 PM GMT+05:00

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July 10, 2020: 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 slipped 0.4% by 0714 GMT, with energy firms sliding 1.4% as oil prices fell on worries of fuel demand.

Other growth-sensitive sectors such as miners, insurers and banks 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 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 rose 3.1% after it reported a 68% rise in quarterly earnings amid strong demand for products used in coronavirus testing.

Reuters

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KSE30	53,347.67 160.21M	4.70% 2395.68
KMI30	251,510.37 142.71M	4.52% 10876.50
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	64,985.00	66,075.00 63,875.00	770.00 1.20%
BRENT CRUDE	88.78	93.60 87.55	-8.00 -8.27%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-1.55 -1.44%
ROTTERDAM COAL MONTHLY	120.00	120.00 120.00	-0.25 -0.21%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	82.76	86.20 82.12	-6.55 -7.33%
SUGAR #11 WORLD	14.56	14.75 14.54	-0.21 -1.42%