Stocks

European shares edge lower as virus worries take centre stage

Reuters June 12 | Updated on June 12, 2020 Published on June 12, 2020

European shares slipped in choppy trading on Friday after their worst one-day sell-off since late March as doubts grew over the pace of economic recovery amid signs of a resurgence in Covid-19 cases.

After swinging either ways, the pan-European STOXX 600 index dropped 0.5 per cent, although beaten-up shares of automakers gained marginally.

Risk assets took a dive this week as a sober economic outlook from the US Federal Reserve and rising cases in the US reminded investors that the economic damage from the pandemic is far from over.

The STOXX 600 is on course for a 5.8 per cent weekly loss, distancing itself further from all-time highs. The index stood nearly 19 per cent below its Februray peak.

France's Interparfums surged 11.2 per cent after Italy's Moncler entered an agreement with the company to start selling perfumes.

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Published on June 12, 2020
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