Europe tumbles to 2-week low as travel sector comes under pressure

2020-07-27 12:17:19 GMT (Economies.com)
Europe tumbles to 2-week low as travel sector comes under pressure

European stocks fell on Monday, to deepen losses for the fourth straight session, hitting nearly a 2-week low, due to a large drop in the travel and entertainment sector following the UK's decision to quarantine travelers returning from Spain after the surge in coronavirus infections.

 

The Stoxx Europe 600 index fell 0.2% to the lowest level since July 14 at 365.01 points as of 11:20 GMT, after it lost 1.7% on Friday, posting the third straight daily loss due to concerns over geopolitical tensions between the US and China.

 

The index lost 1.3% during the past week, posting its first weekly loss in a month, due to the escalating geopolitical tensions between the US and China.

 

The pan European index opened lower today, to deepen its losses for the fourth straight session, and hit nearly 2-week low, with most of the major European markets and sectors seeing red today.

 

The travel and entertainment sector saw the largest losses in Europe today, dropping 3.5%, after the UK's decision..

 

The British government decided that travelers returning from Spain will have to quarantine for 2 weeks, after a spike in coronavirus cases in Spain.

 

The Spanish Foreign Ministry stated on Sunday that the outbreak is under control and there is no fear of a second wave of infections.

 

S&P 500 futures fell 0.25%, after the index closed lower by 0.6% on Friday at Wall Street, posting its second straight daily loss.

 

Back to Europe, the Euro Stoxx 50 index fell 0.3%, France's CAC 40 fell 0.4%, Germany's DAX slipped 0.1%, and the UK's FTSE 100 lost 0.5%.

 
 
 
  Symbol Last Change Chg.%
1.1815
0.0105
0.8945%
1.3082
0.0067
0.5156%
Tadawul
7499.97
10.08
0.13%
28.169
3.922
16.177%
41.385
0.950
2.349%
44.73
-0.37
0.82%
2053.365
84.010
4.266%
 
 
US
 
Europe
 
Asia