Europe closes lower, travel stocks lead declines

Friday, 18. September 2020 17:30

European markets closed lower on Friday with shares of travel companies leading the losses. As the World Health Organization expects daily deaths from the coronavirus in Europe to climb in October and November, uncertainty looms for the continent's travel industry. EasyJet dropped over 9%, Lufthansa fell nearly 5%, while Intercontinental Hotels was down over 4%.

In corporate news, the boards of CaixaBank and Bankia have approved a merger plan that will result in creating Spain's largest bank.

The DAX was down 0.70% at the end of the session in Frankfurt, with Continental AG at the bottom of the chart. The FTSE 100 sank 0.71%, while the CAC 40 tumbled 1.22%. The euro rose 0.08% against the dollar at 5:45 pm CET, going for $1.18592. At the same time, the pound fell 0.21% versus the US currency, buying $1.29471.

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Author:
Breaking the News / JC