An electronic screen displays information on CAC 40 shares at the Euronext headquarters in La Défense
PARIS (Reuters) – Major European stock markets fell moderately in early trading on Monday as concerns over the developing COVID-19 outbreak kept market participants on the sidelines.
In Paris, the CAC 40 lost 0.24% to 6,628.46 points at around 08:30 GMT. In London the FTSE 100 lost 0.37% and in Frankfurt the Dax was up 0.37%.
The EuroStoxx 50 index lost 0.33%, the FTSEurofirst 300 0.19% and the Stoxx 600 0.2%.
Several major Chinese cities have seen a further rise in COVID-19 cases, leading local authorities to introduce new health restrictions, particularly in Beijing where residents of the most populated district are barred from leaving their homes.
Three people died of the disease in the capital over the weekend as China has not recorded a death since late May.
This information is undermining hopes for a quick relaxation of the government’s anti-COVID strategy and stoking fears of a global recession.
On this front, Wednesday’s release of the minutes of the latest Federal Reserve meeting could shed further light on the level at which officials plan to raise interest rates.
The sectors most affected by the decline in Europe are those of raw materials (-1.81%) and that of transport and leisure (-0.7%).
In values, ArcelorMittal lost 1.99%. Vallourec fell 9.61% despite higher third-quarter results.
Compass fell 3.38% even as the world’s number one restaurant company expects earnings growth of more than 20% in 2023 after reporting higher earnings in fiscal 2022.
(Laetitia Volga, editing by Kate Entringer)
