European shares enter fourth day of declines, energy firms drag

imageStock Markets7 hours ago (Jul 10, 2020 03:35AM ET)

(C) Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt

By Sruthi Shankar

(Reuters) – 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 (STOXX) slipped 0.4% by 0714 GMT, with energy firms (SXEP) sliding 1.4% as oil prices fell on worries of fuel demand. [O/R]

Other growth-sensitive sectors such as miners (SXPP), insurers (SXIP) and banks (SX7P) fell between 0.8% and 1%.

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 (S:DUFN) fell 5.3% after announcing cuts to personnel expenses by 20% to 30% this year as it tackles a plunge in sales caused by the pandemic.

German genetic testing firm Qiagen (DE:QIA) rose 3.1% after it reported a 68% rise in quarterly earnings amid strong demand for products used in coronavirus testing.

European shares enter fourth day of declines, energy firms drag

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