Egypt's PM casts his vote in Senate elections 2020    VIDEO: Al-Rehab residents vote in ُEgypt's Senate elections in highly organized manner    President Abdel Fatah al-Sisi votes in Senate Elections 2020    11 militants killed including Taliban commander in N. Afghanistan    Explosions hit US coalition supply convoys in Iraq: Military    Russia's Putin announces world's first Covid-19 vaccine, claims daughter has had it    WB-financed infrastructure projects to go into operation in 2 Egyptian governorates soon    Gold prices in Egypt decline EGP 23 per gram on Tuesday    Sturridge sets sights on Premier League return    Key global currencies rates in Egyptian banks on 11 August    Coronavirus found on imported frozen seafood in China    Valencia report two COVID-19 positives    Scottish Premiership at risk of shutdown after player breaks quarantine    Lebanon's leaders warned in July about explosives at port: Documents    Egyptians start vote in Senate elections amid tight preventative measures against coronavirus    174 new coronavirus cases recorded on Monday – ministry    Isolation hospitals in Egypt to reopen for second wave of coronavirus    Pentagon offers military airwaves for 5G wireless networks    Egypt reports 174 new coronavirus cases, 26 deaths on Monday    Egypt's parliamentary committee approves French grant to improve food wholesale trade markets    Britain records 816 confirmed cases of COVID-19 on Monday    Art Alert: Egyptian singer Medhat Saleh to perform at Cairo Opera    Netflix Egypt released its teaser images of Arabic original series, Ma Waraa Al Tabiaa    Algeria's gas exports to fall sharply in 2025: Minister    Sisi calls on Lebanon to unite, avoid disputes and regional conflicts    Fire breaks out near Lebanese parliament amid clashes with protesters: TV    Trump signs measure to provide extra $400 for unemployed Americans    After Microsoft known intentions, Twitter expressed interest in buying TikTok's U.S. operations    Egypt puts in place scheme ahead of Senate elections – ministry    Call for submissions for Egypt's 'Golden Talent' competition for people with special needs    Don't miss the concerts of Boghdady Jazz Big band    African Champions League final will be played on Oct. 16-17, CAF says    Egypt invites Tesla's founder to visit Giza Pyramids after controversial tweets    No room to delay Egyptian Premier League games – EFA's board member    Egypt Cup games to resume after Premier League finishes: EFA    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Google ‘translate' ancient Egyptian hieroglyphs    Zaha speaks out after online racial abuse    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

European stocks drop as investors look to economic data, U.S. coronavirus increase
Published in Amwal Al Ghad on 07 - 07 - 2020

European stocks dropped on Tuesday morning as worries over the threat to economic recovery of new coronavirus cases in the U.S. and weak German data put the brakes on Monday's rally.
The pan-European Stoxx 600 fell 1.1 percent by late morning, with travel and leisure stocks shedding 1.5 percent to lead losses as all sectors except autos, and all major bourses, slid into negative territory, according to CNBC.
European stocks have dipped below the mixed tone set in Asia Pacific overnight, where markets in South Korea and Japan retreated, while mainland Chinese shares continued Monday's blockbuster rally.
German industrial production data came in weaker than expected on Tuesday morning, rising by 7.8 percent in May, a more modest rebound than the 10% expected by analysts polled by Reuters following a -17.5 percent contraction in April.
The European Commission on Tuesday cut its economic forecasts, and now expects the 27-member region to contract by 8.3 percent this year, followed by a rebound of 5.8 percent in 2021.
In May, the Commission estimated a 7.4 percent contraction for total GDP across the region this year, with a rebound of 6.1 percent in 2021.
Stateside, the Greater Miami area on Monday became the latest new Covid-19 hot spot to reverse some of its reopening efforts, as new cases continue to surge nationwide.
There are now more than 2.9 million confirmed cases in the U.S. and more than 130,000 deaths, according to data compiled by Johns Hopkins University.
Meanwhile, further alarm bells have been sounded over the possible airborne spread of the virus, with the World Health Organization now reviewing a request from over 200 scientists for renewed guidance.
However, investor focus remains attuned to news of potential treatments and vaccines, with Regeneron Pharmaceuticals in the U.S. and China's Sinovac Biotech both launching late-stage trials on Monday of an antibody cocktail and potential vaccine, respectively.
Markets will also be paying attention to trade tensions between the world's two largest economies. U.S. President Donald Trump's Chief of Staff Mark Meadows said Monday that Trump is considering executive orders targeting Chinese manufacturing and immigration, without giving further details at this stage.
In the U.K., investors are looking ahead to Wednesday's announcement of the government's plans for the next stage of the country's economic recovery from the pandemic, with hopes for further fiscal stimulus from Chancellor Rishi Sunak.
Biggest movers
In terms of individual share price action, British software firm Micro Focus tumbled more than 10 percent after swinging to a first-half loss and offering a bleak outlook for the rest of the year.
Bayer fell 6.4 percent after a U.S. judge questioned part of the German life sciences company's settlement for claims relating to its weedkiller Roundup causing cancer.
At the top of the European blue chip index, Finnish energy manufacturer Wartsila climbed 3.5 percent.

Clic here to read the story from its source.