for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

European shares weaken after Wall St rally as growth worries persist

(For a live blog on European stocks, type LIVE/ in an Eikon news window)

Aug 19 (Reuters) - European stocks slipped on Wednesday, failing to draw strength from a record run for Wall Street’s S&P 500, as investors feared a resurgence in coronavirus cases could dent a nascent economic recovery in the continent.

The pan-European STOXX 600 index was down 0.1% by 0715 GMT, with utilities, mining and oil and gas leading losses.

BP, Total and Royal Dutch Shell were down between 0.4% and 1% as crude prices slid on concerns about U.S. fuel demand.

Trillions in dollars of stimulus and a rally in technology stocks helped the S&P 500 confirm a bull market on Tuesday, but doubts over the strength of a global recovery from the health crisis limited gains across other markets.

Several countries in Europe imposed fresh travel curbs due to a pick-up in coronavirus cases.

German utility group RWE fell 5.2% as it launched a share issue to finance its purchase of wind turbine maker Nordex’s project development pipeline.

Shipping group Maersk jumped 5.6% as it reinstated full-year earnings guidance above its previous forecast. (Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up