European stocks fell for a third straight session on Wednesday, with US equity futures also falling as investors struggled on a more busy earnings day and were forced to impose more sanctions amid rising cases of coronavirus on the continent.
Stoxx Europe 600 Index SXXXP,
After closing about 1% lower on Tuesday, it fell 2.3%. German DAX DAX,
3%, French CAC 40 PX1,
Over 3% and FTSE 100 UKX,
With Wall Street Dow Futures YM100 pointing to further losses,
400 points above the bottom. After their worst decline in the rising month of COVID-19, stocks hit a mostly low on Tuesday and the pre-election stimulus plan gave up hope of hitting investors. There is only one week left before the US presidential election
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French President Emmanuel Macron may announce the new sanctions in a television address on Wednesday, the Wall Street Journal reports. France has emerged as one of the worst affected countries in Europe, as a second wave of the virus has spread across the continent.
German Chancellor Angela Merkel may also announce new sanctions on the movement as the case rises in the country on Wednesday, the tabloid newspaper BILD reported.
Although France and Germany are struggling to contain the virus, the continent is likely to be rocked, but it is difficult to imagine anything other than economies, and the eurozone in general will struggle in 2021 or until a vaccine is introduced, “said Stephen Ines. ., AXI’s major global markets strategist, in the consumer note.
The government is fed up with the latest measures to contain the outbreak of protests in places like Italy, where the government is preparing a relief package for industries affected by the new content move.
The European Central Bank meets on Thursday, but economists do not expect any stimulus moves until the December meeting.
Both sides of the Atlantic had a big week going on for earnings. Tech Giant MicroS MS FT MSFT,
Top earnings and sales forecast for late Tuesday, but its outlook disappointed. Multinational organization GE GE,
And Boeing B.A.
Wednesday is one of the big names to report.
Banks led south in Europe with shares of Dutsch Bank DB,
A 2.5% decline after the German lender posted a forecast-beat which was lifted by a strong performance for its investment bank.
A team of City analysts led by Andrew Combs said a good set of results, but with an outlook statement that suggests a slight change in consensus EPS (earnings per share). “We remain sellers because we believe that the IB (Investment Bank) industry backdrop is unlikely to support Dutsh Bank in 2021.”
Puma Pum Sher,
The German sports retailing company reported a%. %% decline in profits and sales in the third quarter, but said it would not be able to provide guidance for the year due to the uncertainty surrounding the decline in the virus.
French auto manufacturer Peugeot UG,
Third-quarter revenue fell and said it expects the European car market to shrink by 25% by 2020. Shares are down 3.7%.
Also in France, Carrefour CA,
Sales like that rose in the third quarter and the supermarket group supported the targets set as part of its Carrefour 2022 plan. But the stock is down 2.7%.
Shares of Sopra Steria SOP,
Stocks became the worst performer on the Europe 600, after a third-quarter revenue decline for the French consulting and software software development company, largely due to weak business in the aeronautics sector.
Weak oil prices on large BP companies, with BP BP shares,
2.% off and total TOT,
4% down. US Crude CL.1,
And Brent’s price BRN00,
After receiving a report late Tuesday night from the American Petroleum Institute, the U.S. ended the week ending Oct. 23. Crude supply increased by about 6. million million barrels and fell by%. %% and%. %%, respectively, according to sources.