European Shares Extend Losses On Growing Virus Worries

European stocks tumbled on Wednesday as governments across Europe seek to tackle rising coronavirus infections with fresh measures that sparked protests in places such as Italy.

Meanwhile, hopes of U.S. stimulus faded after U.S. President Donald Trump admitted that talks have collapsed for a coronavirus stimulus package before Election Day.

“After the election, we will get the best stimulus package you have ever seen,” Trump told reporters at the White House.

The pan European Stoxx 600 tumbled nearly 2 percent to 345.67 after falling 1 percent on Tuesday. The German DAX plunged 3.1 percent, France’s CAC 40 index lost 2.8 percent and the U.K.’s FTSE 100 was down 1.7 percent.

Peugeot fell 3.8 percent. The French automaker posted a fall in third-quarter revenue and said it expects the European car market to drop 25 percent in 2020.

Retailer Carrefour was trading flat, reversing early losses. The company said it was well on track with a strategic overhaul plan aimed at boosting earnings and sales.

Shares of Sopra Steria plunged 13 percent. The consulting and software development company generated revenue of €987.6 million in the third quarter of 2020, representing negative growth of 4.9 percent.

Weak oil prices weighed on the energy sector, with BP Plc and Royal Dutch Shell falling over 2 percent.

Next Plc advanced 2.7 percent after the clothing retailer upgraded its profit forecasts for the current year.

Aston Martin surged 5 percent on news that Mercedes will increase its holding in the British carmaker to up to 20 percent by 2023.

Property developer Land Securities tumbled 3 percent after it announced the appointment of Vanessa Simms as its next chief financial officer.

AstraZeneca was little changed. The drug major announced that China’s National Medical Products Administration has approved Forxiga’s (dapagliflozin) cardiovascular outcomes benefit.

Deutsche Bank edged up slightly. The German lender posted better-than-expected results and raised the outlook for the investment bank.

Puma lost about 3 percent. The sports retailing company reported a strong rebound in third-quarter profits and sales, but said it can’t give guidance for the year due to uncertain economic outlook.

MorphoSys AG advanced 1.4 percent. The biopharmaceutical company raised its outlook for the financial year 2020.

Chemical company BASF plummeted 5 percent after it swung to a net loss of 2.12 billion euros ($2.50 billion) in the third quarter.

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