European stock markets had to say goodbye on Monday to the virtually continuous growth they have seen in the past week. They were ordered out of their 10-month highs. Current figures charting the evolution of the coronavirus pandemic in mainland China are to blame.
European shares entered the second trading week of the new year in a negative mood. The pan-European STOXX 600 stock index lost 0.7 percent, closing last week at its highest level since last February. Frankfurt’s DAX shed 0.8 percent, as did Paris’s CAC 40, with the FTSE even falling 1 percent.
Shares of mining companies fell the most, losing 1.7 percent overall. This was due to concerns about demand for industrial metals, whose prices have been under pressure for several days. Shares in companies that do business in tourism or leisure activities were also falling.
Pharmaceutical companies, on the other hand, fared well, but their growth could not beat the overall negative sentiment in the market. Swiss pharmaceutical group Roche added 3.7 percent after the European Commission gave the green light to its flu drug, which is intended for patients as young as 12. Shares of sportswear and equipment manufacturers also strengthened.
