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European Shares Tumble As COVID Concerns Spark Tighter Travel Restrictions

Courtesy of ZeroHedge View original post here.

European main equity indexes were all down to start Friday morning as travel stocks were battered after the U.K. added more countries to its quarantine list, reported Reuters

The Stoxx Europe 600 plunged nearly 2% after Britain added France, the Netherlands and Malta to a 14-day quarantine list for new arrivals. 

The Stoxx Europe 600 Travel & Leisure Index fell 3% as airlines, cruise ships, and hotels were many of the bottom movers. 

Stoxx Europe 600 Travel & Leisure Index

"What we have got is a significant amount of uncertainty over the evolution of coronavirus pandemic, which is maintaining a risk premium for the transportation, leisure, and hospitality sectors," said Alastair George, head strategist at Edison Investment Research.

Meanwhile, MSCI's World Index drifted lower by about 20bps. Overnight markets were sluggish following China's retail sales showed a decline in July, while factory numbers appeared to increase, suggesting the shape of the recovery might not be a "V." 

"The rally was over-extended, and most of the good news is already priced in," said Francois Savary, CIO at Swiss wealth manager Prime Partners, while referring to world stocks.  

"There are no more positive than expected earnings and we're back to the macro background and the checking of the data regularly to see if the recovery is sustainable. Markets are pricing a lot of good news and we will be entering a period of volatility with the U.S. elections coming up," Savary said.

Weakness from Asia and Europe has spilled over into the U.S. The E-Mini S&P 500 is down about 31bps to 3,357. U.S. equity gains could be capped until the economic stimulus is seen as the world's largest economy is now reversing. 


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