European stocks fell on Wednesday as markets struggled to gain traction against a backdrop of rising US coronavirus cases. USA Tech stocks were a bright spot after a record session for the Nasdaq Composite.
The Stoxx Europe 600 SXXP Index,
It fell 1.2% to 362.99, after a 1.3% gain on Tuesday. Elsewhere, the German DAX DAX 30 index,
fell 1.4%, the French CAC 40 PX1,
fell 1.4% and the FTSE 100 UKX index,
Wall Street was also accumulating a loss for Wednesday, with the Dow Jones Industrial Average YM00 futures,
dropping more than 200 points. The Dow DJIA,
and S&P 500 SPX,
we saw a second earnings session on Tuesday, and the Nasdaq Composite COMP,
booked a new record close, led by Apple AAPL shares,
“There is a total lack of direction and little predictability in the entire market with outstanding behavior: buy the falls in the shares and increase the coverage through safe haven assets against a possible defeat of the market. It is becoming increasingly clear to everyone that most share prices are artificially inflated, ”Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said in a note to clients.
The data showed that the Ifo Business Climate Index for Germany rose to a reading of 86.2 in June from 79.5 in May. The number came in slightly above consensus.
Dr. Anthony Fauci, the leading virus expert in the United States, told a House committee on Tuesday that the next two weeks would be critical in trying to keep the virus under control amid a worrying surge in cases in Texas, Florida and Arizona. The European Union is reportedly considering banning American travelers because the pandemic is not under control in that country.
UK Prime Minister Boris Johnson said Tuesday that pubs, restaurants and cinemas will reopen in early July, despite scientists’ warnings that such movements, coupled with loosening of the rule of social distancing from two meters to one meter, could allow the virus to resurface.
Shares of highly weighted pharmaceutical groups weighed on the stock indices. Shares of AstraZeneca PLC AZN,
fell more than 1% and GlaxoSmithKline PLC GSK,
it fell almost 2%.
Among stocks on the move, chip names increased after big tech gains in the US. USA Dialog Semiconductor PLC DLG Actions,
up almost 9%, and ams AG AMS,
It was up almost 5%.
Plus:Are technology stocks heading for a new bubble? Don’t miss Barron’s Investing in Tech virtual conference
Europcar Mobility Group SA EUCAR shares,
it jumped almost 7% after various media reports said Volkswagen AG VOW3,
You may be considering an offer for the car rental group. Neither company would comment on the report to Bloomberg. Volkswagen shares fell 1.7%.
Shares of the Swedish group Evolution Gaming Group AB EVO,
It fell more than 7%, after the live casino software provider said it had made a public takeover of shares for shareholders of rival gaming solutions group NetEnt AB. Shares of NetEnt AB NET.B,