Cyclical stocks knock Europe lower, focus on EU talks
European shares fell on Monday, dragged down by cyclical sectors amid a surge in coronavirus cases globally, while investors remained cautiously optimistic about the ongoing talks over an EU-wide recovery fund. An index of eurozone shares were down 0.5%, with the euro jumping to a four-month high.
European shares fell on Monday, dragged down by cyclical sectors amid a surge in coronavirus cases globally, while investors remained cautiously optimistic about the ongoing talks over an EU-wide recovery fund.
An index of eurozone shares were down 0.5%, with the euro jumping to a four-month high. EU leaders were making progress after three days of haggling over a plan to revive economies throttled by the COVID-19 pandemic, but Dutch Prime Minister Mark Rutte warned the discussions could still fall apart.
The broader European equities index also fell 0.5%, while Asian markets remained subdued as coronavirus cases increased in many countries. Travel & leisure fell 2.2%, the biggest sectoral decliner in Europe, while oil & gas companies, automakers and banks dropped more than 1% each.
Swiss wealth manager Julius Baer Gruppe AG declined 5.5% as it reported a 6% drop in assets under management from end-2019 in the six months through June.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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