Europe: Stocks tumble on concerns over recovery

[BENGALURU] European shares fell again on Thursday on dimming prospects for a recovery in the global economy, but shares in Lufthansa soared after a major shareholder agreed to endorse a 9-billion-euro (S$14.12 billion) state bailout.

The pan-European Stoxx 600 fell 1.1 per cent by 7.17am GMT (3.17pm SGT), led lower by travel and leisure, bank and oil and gas stocks.

A surge in the number of coronavirus cases globally, prospects of a fresh trade tussle between the United States and the European Union and worrying forecast for global economy this year pushed the Stoxx 600 to its lowest since June 15.

Among gainers, Lufthansa rose 11 per cent after billionaire Heinz Hermann Thiele, who owns a 15.5 per cent stake, told a local newspaper he would endorse the rescue.

Bayer inched 0.3 per cent higher after it agreed to pay as much as US$10.90 billion to settle US lawsuits claiming that its widely used weedkiller Roundup caused cancer.

REUTERS

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