🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Coronavirus restrictions, SAP slump knock European stocks

Published 26/10/2020, 09:17
© Reuters.
DE40
-
IT40
-
SAPG
-
STOXX
-
SX8P
-

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Oct 26 (Reuters) - European stocks sank on Monday, as Italy
and Spain imposed fresh restrictions to control a resurgence in
coronavirus cases, while shares in German heavyweight SAP
slumped 20% after it cut its 2020 outlook.
The pan-European STOXX 600 index .STOXX tumbled 1.2% by
0809 GMT, with risk appetite globally sapped by worries over
U.S. stimulus progress and presidential election.
The German DAX .GDAXI dropped 2.7% to hit a three-month
low after software company SAP SAPG.DE abandoned medium-term
profitability targets and cautioned that its business would take
longer than expected to recover from the pandemic. The wider tech index .SX8P slumped 5.8%.
Europe became the second region after Latin America to
surpass 250,000 deaths on Saturday, according to a Reuters
tally, as many Southern European countries reported their
highest number of COVID-19 cases in a single day. Italy on Sunday ordered bars and restaurants to close by 6
p.m. and shut public gyms, cinemas, while Spanish Prime Minister
Pedro Sanchez announced a new state of emergency. Milan's blue-chip index .FTMIB dropped 1.5%, even as
ratings agency Standard and Poor's upgraded Italy's sovereign
outlook to stable from negative.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.