Home Stocks European stocks retreat as coronavirus resurgence weighs on sentiment

European stocks retreat as coronavirus resurgence weighs on sentiment

by Amwal Al Ghad English

European stocks slumped on Tuesday as new spike in coronavirus cases started to weigh on global market sentiment.

The pan-European Stoxx 600 dropped 1.1% by early afternoon, with tech stocks shedding 3.1% to lead losses while telecoms bucked the trend to add 1.2%.

In terms of individual share price action, British homebuilder Meggitt and German software company Nemetschek both fell by more than 6% in afternoon trade, while Swedish technology trading group Addtech added 5%.

The German DAX DAX, -1.12%, French CAC 40 PX1, -1.36% and U.K. FTSE 100 UKX, -0.10% also slipped.

European technology stocks, including software maker SAP SAP, -3.25% and computer device maker Logitech International LOGN, -3.75%, lost ground.

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