Europe midday: Shares stay negative on French lockdown concerns

by | Mar 19, 2021

European stocks were still lower at lunchtime on Friday as fresh regional lockdowns in France hit investor sentiment.
The pan-European Stoxx 600 was down 0.43% on the back of surging US bond yields overnight and a new four-week lockdown in 16 French regions. France’s CAC 40 was down 0.65%.

Oil & gas, banks, and miners led the declines as the fresh lockdowns dampened hopes of a swift economic rebound.

Shares in BP, Royal Dutch Shell and Total were all lower as crude prices plunged almost 7% overnight on fears the new lockdowns will hurt fuel demand.

“A stumble from the Dow Jones last night, a shift in policy from the Bank of Japan, frosty words between the US and China, and a third covid-19 wave in France all undermined sentiment this Friday,” said Spreadex analyst Connor Campbell.

“Though the Federal Reserve and Bank of England made it clear they wouldn’t be turning the stimulus taps off any time soon, that hasn’t stopped the Bank of Japan’s decision to move to a more ‘sustainable’ monetary policy from upsetting the apple cart.”

The US and China have publicly clashed during their first face-to-face high-level talks since Joe Biden took office, suggesting both would take a tough stance as they tried to establish a relationship in the post-Donald Trump era.

In equity news, shares in Telecom Italia fell 5.36% after comments in past days by government ministers over uncertainty around the single broadband network project.

Shopping centre owner Hammerson topped the Stoxx fallers, down 5.6% after a downgrade to ‘underweight’ at Barclays and to ‘sell’ at Goldman Sachs.

Shares in Swedish casino games developer Evolution Gaming rose 2.6% after Goldman Sachs started coverage with a ‘buy’ rating.

Related articles

Europe midday: Shares slip into red on Middle East tensions

Europe midday: Shares slip into red on Middle East tensions

(Sharecast News) - European shares fell into the red on Wednesday as Middle East tensions were ratcheted up after the assassination of the Hamas deputy leader Saleh al-Arouni in Lebanon, raising fears of retaliation by the Islamic group Hezbollah against Israel. The...

Europe open: Shares edge ahead as Middle East tensions weigh

Europe open: Shares edge ahead as Middle East tensions weigh

(Sharecast News) - European shares edged ahead in a cautious start to trade on Wednesday as Middle East tensions were ratcheted up after the assassination of the Hamas deputy leader Saleh al-Arouni in Lebanon, raising fears of retaliation by the Islamic group...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x