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Cyclical stocks knock Europe lower, focus on EU talks

Published 20/07/2020, 08:26
© Reuters.
BAER
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STOXX
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SXEP
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STOXXE
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SX7P
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SXAP
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SXTP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
July 20 (Reuters) - 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 .STOXXE were down 0.5%, with
the euro jumping to a four-month high. FRX/
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 .STOXX also fell 0.5%,
while Asian markets remained subdued as coronavirus cases
increased in many countries. GLOB/MKTS
Travel & leisure .SXTP fell 2.2%, the biggest sectoral
decliner in Europe, while oil & gas companies .SXEP ,
automakers .SXAP and banks .SX7P dropped more than 1% each.
Swiss wealth manager Julius Baer Gruppe AG BAER.S declined
5.5% as it reported a 6% drop in assets under management from
end-2019 in the six months through June.

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