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Europe: Shares lose ground on concerns of second coronavirus wave

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European shares retreated at the open on Thursday as a spike in Covid-19 cases in China and some US states triggered fears of a second wave of infections, knocking back hopes of a swift recovery from the pandemic-led economic slump.

[BENGALURU] European shares retreated at the open on Thursday as a spike in Covid-19 cases in China and some US states triggered fears of a second wave of infections, knocking back hopes of a swift recovery from the pandemic-led economic slump.

Investors scaled back on risk as the daily count of cases hit new highs in California and Texas, two of the United States' most populous states, while Beijing ramped up movement curbs on Wednesday.

The pan-European Stoxx 600 index fell 0.4 per cent at 7.09am GMT (3.09pm SGT) after two straight days of gains, driven by optimism over global stimulus helping economies claw back from the coronavirus-led slide.

Oil and gas and miners led declines among European sector indexes, while retailers eked out gains at the open.

German online fashion retailer Zalando jumped 5.3 per cent after it said it expected a bigger increase in sales and operating profit in the second quarter than analysts are forecasting as the pandemic prompts more people to shop online.

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REUTERS

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