An electronic screen displays information on CAC 40 shares at Euronext’s headquarters in La Défense
PARIS (Reuters) – European stock markets fell moderately in early trading on Monday, as concerns about the evolution of the novel coronavirus (COVID-19) outbreak kept market participants on the sidelines.
In Paris, the CAC 40 index lost 0.24% to 6,628.46 points around 08:30 GMT. In London, the FTSE 100 lost 0.37% and in Frankfurt the Dax advanced 0.37%.
The EuroStoxx 50 Index decreased by 0.33%, the FTSEurofirst 300 Index by 0.19%, and the Stoxx 600 Index by 0.2%.
Several major Chinese cities recorded another increase in COVID-19 cases, prompting local authorities to impose new health restrictions, particularly in Beijing where residents of the most populous region are not allowed to leave their homes.
At the beginning of the week, three people died of the disease in the capital, while China has not recorded any deaths since the end of May.
This information undermines hopes for a rapid easing of the government’s anti-COVID strategy and fuels fears of a global recession.
On that front, the release of minutes from the Federal Reserve’s latest meeting on Wednesday may shed more light on the level to which officials plan to raise interest rates.
The sectors most affected by the decline in Europe are raw materials (-1.81%), transport and leisure (-0.7%).
In terms of values, ArcelorMittal lost 1.99%. Vallourec fell 9.61% despite higher results in the third quarter.
Compass declined by 3.38%, despite the fact that the world’s first catering company expects its profits to grow by more than 20% in 2023 after it recorded an increase in profits in the fiscal year 2022.
(Laetitia Volga; Editing by Kate Enteringer)