Europe: Stocks near one-month low as German consumer morale weakens

[BENGALURU] European stocks hit their lowest level in almost a month on Thursday, as a fall in German consumer morale, worries about soaring coronavirus cases and a US stimulus impasse weighed on sentiment.

The German DAX fell 1.3 per cent, lagging its European peers, as a survey showed consumer morale in Europe's largest economy dropped heading into November as fears about a second coronavirus wave made Germans less willing to open their wallets.

The pan-European Stoxx 600 slipped 0.9 per cent by 7.08am GMT, in its fourth session of losses.

Europe has seen Covid-19 cases climb to a record high, with Spain becoming the first Western European country to exceed one million infections and Italy setting a record increase in daily cases.

Earnings remained a bright spot. Unilever, rose 0.7 per cent after the company reported a stronger-than-expected return to quarterly sales growth, led by emerging markets.

French spirits maker Pernod Ricard also gained 1 per cent after saying that sales would return to growth in the second half of its 2020/2021 fiscal year.

REUTERS