European shares pull back ahead of PMI numbers
Reuters
Published May 21, 2020 15:23
(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
May 21 (Reuters) - European shares fell on Thursday as
investors braced for the latest batch of business activity data
to underline the blow to the euro zone economy from sweeping
lockdown measures imposed to curb the virus spread.
The pan-European STOXX 600 .STOXX fell 0.9% by 0708 GMT,
retreating from its strongest close in three weeks.
Stock markets globally have made headway this week as
several countries emerged from lockdowns and talks of more
stimulus for the battered euro zone economy revived hopes of a
speedy recovery. However, rising U.S.-China trade tensions
dented risk appetite on Thursday. Investors are awaiting the release of IHS Markit's
manufacturing and services sector activity readings for May. The
numbers are expected to rebound after hitting rock bottom in
April.
Among stocks, Amsterdam-based telecoms and cable group
Altice Europe NV ATCA.AS fell 7.4% as it posted a
worse-than-expected first-quarter core profit. Lufthansa LHAG.DE rose 3.8% amid talks with the German
government over a rescue deal worth up to 9 billion euros ($9.9
billion), including the state taking a 20% stake.
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Written By: Reuters
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