European stocks head for biggest weekly loss since June on rising Covid-19 cases

European stocks fell on Friday, to deepen losses for the second straight session and fall once again near the 3-month low hit earlier yesterday, on the cusp of the biggest weekly loss since June, due to investors' risk aversion amid fears about about the global economy and a second wave of the coronavirus in Europe and the US.

Stoxx Europe 600 fell 0.1% as of 08:55 GMT, after it closed lower by 1% yesterday, resuming losses after 2 days of gains and hit a 3-month low of 354.58 points.

The index opened today's session lower, to deepen losses for the second straight session and fall once again near the 3-month low hit earlier yesterday, as most of the major European exchanges and sectors fell today.

The tech sector saw the largest losses in Europe today, dropping by more than 1%, on global economic concerns.

The Stoxx Europe index lost nearly 3.5% so far during this week, to head for its first weekly loss in 3 weeks, and the biggest loss since June.

The worst weekly loss in the last three months, was caused by the acceleration of open selling in most global stock markets, due to renewed concerns about the global economy, especially after the increase in Coronavirus cases in Europe and the United States.

The biggest weekly loss in 3 month is due to sharp sell-off wave in most global stocks, as cases spiked in the UK and the US, which renewed concerns about the global economic recovery.

These developments boosted indicators of a second wave of the coronavirus, as new cases continued to rise and may lead many European governments to re-impose partial lockdown restrictions to curb the spread of the disease.

S&P 500 futures fell 0.2% today, after the index closed higher by 0.3% yesterday at Wall Street, posting the second daily gain in 3 days and rebounded from a 2-month low.

Back to Europe, the Euro Stoxx 50 index fell 0.4%, Germany's DAX lost 0.4%, France's CAC 40 fell by 0.6%, and In London, the FTSE 100 index fell by 0.25%.