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Markets Print 2020-09-01

European shares down

• British markets closed for a holiday MILAN/FRANKFURT: European shares ended Monday lower, weighed down by weak...
Published September 1, 2020

• British markets closed for a holiday

MILAN/FRANKFURT: European shares ended Monday lower, weighed down by weak financial stocks after disappointing German and Italian inflation data, but closed August higher thanks to optimism over new stimulus measures and a Covid-19 vaccine.

The pan-European STOXX 600 index ended 0.6% lower on the day, with the bulk of losses coming right before the close, in line with declines on Wall Street.

The index added about 2.9% in August, but still remains around 15% below pre-pandemic highs due to middling economic data and a resurgence in Covid-19 cases. It has stuck to a roughly 30-point trading range since June.

Travel and leisure stocks led gains for the month, adding nearly 15% as countries relaxed some virus-driven curbs on travel. Still, the sector remains sensitive to any spikes in cases, and is among the worst performers this year. Financials were the biggest weights on the index for the day, after German and Italian inflation data missed expectations for August.

EU inflation data is due on Tuesday and is widely expected to remain below the European Central Bank's target.

Utility stocks were among the few gainers for the day, with Suez topping the STOXX 600 after larger peer Veolia offered to buy a 29.9% stake in the French water and waste firm from gas and power utility Engie for 2.9 billion euros.

The three stocks were the top performers on the STOXX 600 for the day.-

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