European markets tumble after virus fear drags down Wall Street

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European markets tumble after virus fear drags down Wall Street




FILE PHOTO: An overview of the Frankfurt Stock Exchange


© Reuters/Ralph Orlowski
FILE PHOTO: An overview of the Frankfurt Stock Exchange


Nov 19 (Reuters) – European stocks were lower on Thursday after heavy losses on Wall Street, with investors fearing another round of lockdowns due to rising coronavirus cases in the United States and Europe.

The pan-European STOXX 600 index was down 0.7% at 0810 GMT, with oil and gas, banking and mining leading the early-morning declines.

News of the COVID-19 vaccine brought the STOXX 600 to February levels earlier in the week and US markets to record levels.

But the number of deaths in the US from COVID-19 approached 250,000 on Wednesday, while New York public schools asked to suspend face-to-face classes due to the rapid spread of the virus.

Conglomerate Thyssenkrupp fell 3.8% after announcing that it would need to cut another 5,000 jobs to ease the impact of the coronavirus crisis on its businesses.

Norwegian Air, meanwhile, plunged 15.7% after asking an Irish court to oversee the restructuring of its huge debt as it tries to avoid bankruptcy.

(Information from Sruthi Shankar in Bengaluru; edited by Anil D’Silva; translated by Jorge Martínez)

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