European Shares Slide On US Election Uncertainty
European stocks fell on Monday as a record rise in coronavirus cases in the United States and parts of Europe made investors jittery.
As stimulus hopes fade, market participants are also bracing for pre-and post-election uncertainty in the United States.
The pan European Stoxx 600 dropped half a percent to 360.53 after gaining 0.6 percent on Friday.
The German DAX fell more than 2 percent after the country registered more than 10,000 new Covid-19 cases for the fourth day in a row Sunday. France’s CAC 40 index shed 0.4 percent and the U.K.’s FTSE 100 was little changed.
German heavyweight SAP plummeted 18 percent after the software company cut its revenue forecast for 2020, saying that its business would take longer than expected to recover from the coronavirus pandemic.
TeamViewer declined 1.6 percent and Capgemini lost 2.8 percent.
Bayer AG rose over 1 percent after the pharmaceutical and life sciences company announced the acquisition of Asklepios BioPharmaceutical, Inc. or AskBio, a U.S.-based biopharmaceutical company.
Student accommodation provider Unite Group fell over 1 percent after the British company announced the appointment of Richard Huntingford to succeed Phil White as Chairman.
Swiss drug major Novartis was little changed after it presented promising interim Phase II data of potential first-in-class oral therapy iptacopan (LNP023) in rare renal disease C3 glomerulopathy (C3G).
In economic releases, German business sentiment weakened in October, survey data from ifo Institute showed today. The business climate index fell to 92.7 in October from revised 93.2 in September.
The reading was below economists’ forecast of 93.0. Assessment of current situation as well as expectations deteriorated in the month.
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