European shares open lower on weak tech, banks rise on merger talks

MG News | September 04, 2020 at 12:57 PM GMT+05:00

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September 4, 2020: European shares opened lower on Friday as a technology-fueled rout from the prior session continued, while bank stocks were supported by merger talks between major Spanish lenders.

The pan-European STOXX 600 index fell 0.9% in early trade after marking its worst session in more than a month on Thursday. It was set to lose 0.8% for the week.

Technology shares led early losses after posting their worst session in more than four months on Thursday.

Losses in U.S. tech stocks had spread over to other sectors and markets, with Asia also marking a weak morning session. Investors were now waiting for U.S. payroll data expected later in the day to gauge the pace of the country's economic recovery.

In corporate news, Spanish banks Bankia and Caixabank rose after they said they were considering a merger to create the biggest lender in Spain.

Reuters

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