October 22, 2020
(Reuters) – European stocks hit their lowest level in almost a month on Thursday, as a fall in German consumer morale, worries about soaring coronavirus cases and a U.S. stimulus impasse weighed on sentiment.
The German DAX <.GDAXI> fell 1.3%, lagging its European peers, as a survey showed consumer morale in Europe’s largest economy dropped heading into November as fears about a second coronavirus wave made Germans less willing to open their wallets.
The pan-European STOXX 600 <.STOXX> slipped 0.9% by 0708 GMT, in its fourth session of losses.
Europe has seen COVID-19 cases climb to a record high, with Spain becoming the first Western European country to exceed 1 million infections and Italy setting a record increase in daily cases.
Earnings remained a bright spot. Unilever <ULVR.L>, <UNA.AS> rose 0.7% after the company reported a stronger-than-expected return to quarterly sales growth, led by emerging markets.
French spirits maker Pernod Ricard <PERP.PA> also gained 1.0% after saying that sales would return to growth in the second half of its 2020/2021 fiscal year.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)
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