European Stocks Mixed Amid Virus Spread Concerns

European Stocks Mixed Amid Virus Spread Concerns

November 20, 2020

European stocks traded mixed on Friday as investors remained concerned over climbing Covid-19 cases in the U.S., Europe and Asia as well as a lack of progress toward a U.S. stimulus package.

European Central Bank President Christine Lagarde cautioned Thursday that the region’s economy still faced difficult times despite recent positive news on vaccine development. European officials urged to continue measures to control infections.

Amid the second wave of the virus infections, Germany expects to continue the latest restrictions imposed to contain the pandemic through winter, while France will keep national lockdown till December 1 at the earliest.

The United Kingdom posted its biggest one-day jump in laboratory-confirmed coronavirus infections.

In the U.S., new Covid-19 infections hit fresh records and remained above 100,000 for an eighth consecutive day.

The pan European Stoxx 600 edged up 0.1 percent to 385.624 after losing 0.9 percent in the previous session.

Germany’s benchmark DAX was up 0.4 percent after losing 1.2 percent the previous day.

France’s CAC 40 index gained half a percent after tumbling 1.5 percent on Thursday.

U.K.’s FTSE 100 was marginally lower at 6,336 after declining 0.7 percent in the previous session.

Elsewhere, Asian stocks ended on a mixed note as a resurgence of the new coronavirus cases around the globe overshadowed investor optimism about vaccine development.

In German corporate news, shopping center Deutsche EuroShop rallied around 3 percent after its key operating figures recovered significantly in the third quarter.

Deutsche Wohnen rose over 1 percent. The property company said it expects significant revaluation of property portfolio as of 31 December 2020.

Nordex lost 3.7 percent. The manufacturer of wind turbines has confirmed its preliminary figures announced on 9 November 2020.

Steel producer Salzgitter declined 1.7 percent after it reported consolidated loss of 98.3 million euros in its third quarter.

In France, shares of Engie jumped nearly 4 percent after the utility stuck to guidance for 2020 net recurring income and capital expenditure.

Power group EDF was marginally lower after reporting a decline in third-quarter revenue.

Concessions and construction company Vinci climbed 2.3 percent. The company revised its forecast for motorway traffic in 2020 but said that traffic will likely return to normative levels as soon as restrictions are lifted.

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