European shares enter fourth day of declines, energy firms drag

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

Posted on: 2020-07-10T12:44:00+05:00

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