European stocks fell for a third straight session on Wednesday, with US stock futures also declining as investors were grappling with another heavy day and preparing for more restrictions coming from the spike in coronavirus cases on the continent.
Stoxx Europe 600 SXXP Index,
It fell 2.3 percent after closing about 1 percent on Tuesday. German DAX Index,
The French CAC 40 PX1 index fell 3%,
Over 3% and FTSE 100 UKX,
It decreased 2.1%.
Wall Street was also signaling more losses, with Dow YM00 futures.
Down by more than 400 points. Shares closed mostly lower TuesdayAfter a day of its worst drop in a month as COVID-19 cases spiked and hopes for a pre-election stimulus that hurt investors were abandoned. There is only one week left for the US presidential election
French President Emmanuel Macron may announce new restrictions in a televised address Wednesday, The Wall Street Journal reported. France has emerged as one of the hardest-hit countries in Europe as a second wave of the virus swept the continent.
German Chancellor Angela Merkel may also announce new restrictions on movement on Wednesday as cases rise in that country, Tabloid newspaper reported Bild.
Stephen Innes said: “Although the continent is unlikely to shut down, with the economic giants France and Germany struggling to contain the virus, it is difficult to envision anything except for both economies, and the eurozone is generally struggling until 2021 or until a vaccine becomes available.” “. , AXI’s chief global market strategist, in a note to clients.
Governments are struggling to take new measures to contain the epidemic that has sparked protests in places like Italy, where the government is reported Prepare the relief package For businesses affected by the new containment moves.
The European Central Bank meets on Thursday, but economists Don’t expect any motivational moves Until the December meeting.
A big profit week was going on on both sides of the Atlantic. Technology giant Microsoft MSFT,
Earnings and sales forecasts topped off late Tuesday, however She looked disappointed. GE GE multinational conglomerates,
And Boeing BA,
Among the big names reported on Wednesday.
Banks led the way south in Europe, with Deutsche Bank DB shares,
It fell 2.5% after the German bank was published Results beyond expectations That was reinforced by the strong performance of the investment bank.
A team of Citi analysts led by Andrew Coombs said: “A good set of results but an accompanying forecast statement indicates a slight change in the EPS consensus.” “We are still selling because we believe that the IB (investment bank) industry background is unlikely to be supportive of Deutsche Bank in 2021.”
Puma boom stocks,
It fell 2.4% after the German sports retailer It posted higher profits and sales in the third quarterBut she said she could not provide guidance to the public because there was so much uncertainty about the virus’s ramifications.
French car maker Peugeot UG,
Posted by a Lower third quarter revenue It said it expects the European auto market to drop 25% in 2020. Shares are down 3.7%.
Also in France, Carrefour California,
He said Sales grew similarly in the third quarter The supermarket group backed the targets set as part of the Carrefour 2022 plan. But stocks fell 2.7%.
Sopra Steria SOP shares,
Down 13%, making the French consulting and software development the worst performer on the Stoxx Europe 600 after Reported lower revenue in the third quarterThis is mostly due to weak commercial activity in the aviation sector.
Weak oil prices have weighed on the major energy companies, with BP shares,
2.% discount and total training of trainers,
Down 4%. American Crude CL.1,
Brent BRN00 prices,
It decreased 3.5% and 2.5%, respectively, after The American Petroleum Institute reported late Tuesday Sources said that US crude supplies rose by 4.6 million barrels for the week ending October 23rd.
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