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European shares inch lower on lockdown worries

Published 15/01/2021, 09:18
© Reuters.
UK100
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FCHI
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DE40
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SAPG
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STOXX
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ENR1n
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
Jan 15 (Reuters) - European stocks were set to end the week
on a cautious note as the prospect of tighter lockdowns in
Germany and France as well as new COVID-19 restrictions in China
cut into optimism about a global economic recovery.
The pan-European STOXX 600 index .STOXX fell 0.5% by 0804
GMT, set to end the week marginally lower.
German Chancellor Angela Merkel wants "very fast action"
after the country saw a record number of deaths from the
coronavirus, while French government said it will strengthen its
border controls from Monday and impose an earlier curfew from
Saturday to curb the spread. The German DAX .GDAXI was down 0.5% and France's CAC 40
.FCHI fell 0.6%. UK's FTSE 100 .FTSE also declined 0.6%
despite data showing that Britain's economy recorded a
smaller-than-expected contraction in November. U.S. president-elect Joe Biden outlined a $1.9 trillion
stimulus package proposal on Thursday, but failed to excite
markets that had rallied in anticipation of the announcement.
In company news, German business software group SAP
SAPG.DE rose 0.9% after it released preliminary annual results
that came at the high end of guidance, but forecast a decline in
operating profit in 2021. Siemens Energy AG ENR1n.DE fell 5.3% after General
Electric Co GE.N accused a subsidiary of the power
distribution company of using stolen trade secrets to rig bids
for lucrative contracts.

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