Tuesday, 29 Sep 2020

European shares weaken after Wall Street rally as growth worries persist

(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 .SX6P, mining .SXPP and oil and gas .SXEP leading losses.

BP (BP.L), Total TOTF.PE and Royal Dutch Shell (RDSa.L) were down between 0.4% and 1% as crude prices slid on concerns about U.S. fuel demand. [O/R]

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. [GLOB/MKTS]

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

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

Shipping group Maersk (MAERSKb.CO) jumped 5.6% as it reinstated full-year earnings guidance above its previous forecast.

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