European stocks drop amid pandemic fears

Friday, 14. August 2020 12:29

European stock markets extended losses on Friday as coronavirus pandemic fears worried investors amid an increase in new cases in a number of European countries. Meanwhile, gross domestic product data showed the euro area's economy shrunk by 12.1% in the second quarter as a result of the COVID-19 lockdowns and restrictions.

The DAX lost 1.29% at 12:22 pm CET. It was led lower by Wirecard, the scandal-hit payments company that dropped 6.74% at 12:22 pm CET as it awaits being kicked out of the benchmark index later this month. The FTSE 100 dropped 2.13% at 12:24 pm CET as the United Kingdom said it would introduce quarantine for passengers coming from France. Travel worries meant British Airways parent company International Consolidated Airlines Group fell 6.56% at 12:11 pm CET. Meanwhile, France's CAC 40 lost 1.97% at 12:26 pm CET, with Worldline, its worst-performing stock, decreasing by 3.24% at 12:12 pm CET.

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Author:
Breaking the News / VP