European Shares Fall On Growth Worries

European stocks fell from eight-month highs on Thursday as Covid-19 cases continued to rise in the U.S. and Europe, raising doubts about a quicker economic rebound from thee pandemic.

France is now the worst coronavirus affected country in Europe, overtaking Russia while the U.K. became the first country in Europe to register over 50,000 coronavirus-related deaths.

The pan European Stoxx 600 slid 0.3 percent to 387.31 after climbing 1.1 percent in the previous session and as much as 13 percent this month.

The German DAX dropped 0.4 percent, France’s CAC 40 index shed 0.6 percent and the U.K.’s FTSE 100 was down half a percent.

German engineering group Siemens tumbled 2.7 percent. After reporting a 28 percent rise in net profit in the most recent quarter, the company said it expects “a moderate increase” in net profit for the group in its 2021 fiscal year.

Media company RTL Group dropped 2.3 percent after reporting a fall in revenue for the third quarter.

Industrial services provider Bilfinger plummeted nearly 8 percent after saying it has attracted preliminary takeover interest from private equity firms.

British financial services company Legal & General lost 3 percent after outlining five-year targets.

Private investor 3i Group rallied 2.2 percent after its profit rose strongly in the first half of fiscal 2021.

Luxury brand Burberry Group jumped nearly 3 percent. The company said its sales returned to growth in October.

Italian insurer Generali Group declined 1 percent as it delayed the payment of the second tranche of 2019 dividends to next year following recommendations from the European Systemic Risk Board (ESRB) to conserve cash in the coronavirus emergency.

In economic releases, official data showed that German consumer prices fell 0.2 percent year-on-year in October, same as seen in September, as initially estimated.

A government report showed the U.K. economy grew by a slower than expected pace in September from August, even before the latest restrictions on businesses.

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