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Europe: Shares enter fourth day of declines, energy firms drag

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[BENGALURU] European shares extended losses for a fourth straight session on Friday on worries that an economic recovery may fizzle out as coronavirus cases continue to rise globally.

The pan-European Stoxx 600 index slipped 0.4 per cent by 7.14am GMT (3.14pm SGT), with energy firms sliding 1.4 per cent as oil prices fell on worries of fuel demand.

Other growth-sensitive sectors such as miners, insurers and banks fell between 0.8 per cent and 1 per cent.

The Stoxx 600 was headed for a small weekly loss as an early bump from a rally in Chinese equities was offset by fears of more business shutdowns, particularly in the United States where more than 60,500 new Covid-19 infections were reported on Thursday.

Among individual movers, Swiss duty free operator Dufry fell 5.3 per cent after announcing cuts to personnel expenses by 20-30 per cent this year as it tackles a plunge in sales caused by the pandemic.

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German genetic testing firm Qiagen rose 3.1 per cent after it reported a 68 per cent rise in quarterly earnings amid strong demand for products used in coronavirus testing.

REUTERS

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