European stocks drop in doubt over coronavirus vaccine
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European stock markets struggled on Wednesday amid concerns over the Wall Street session over a promising coronavirus vaccine. Elsewhere, earnings news increased the shares of Marks & Spencer Group PLC and Experian PLC.
The Stoxx Europe 600 index
SXXP
it held steady at 339.52, after falling 0.6% on Tuesday. The German DAX
DAX
0.1% drop and the French CAC 40 index
PX1
decreased by 0.3%.
Global capital gains this week were fueled by optimism about Moderna Inc.
MRNA
MRNA
vaccine candidate. The Dow
DJIA
It fell nearly 400 points on Tuesday after a report that gave more sober view
YM00
up to 128 points Wednesday.
As a result, European equities experienced difficulties and Asian equities closed lower.
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“It seemed that the traders had decided to cut their long positions because there was no positive news. The general theme that governments are easing their blocking restrictions remains valid,” said David Madden, analyst at market at CMC Markets, in a note to clients.
Economic data shows consumer prices in the UK slowed to 0.8% in April from 1.5% in March, slightly lower than a 0.9% rise in a survey from economists compiled by FactSet.
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Among the actions in motion, Norwegian Air Shuttle ASA shares
NAS,
it fell 31% after the struggling airline said it had taken a state-supported $ 271 million (2.7 billion Norwegian kroner) loan.
“The Norwegian will still have to work closely with various creditors because the company currently has limited revenues,” said CEO Jacob Schram in a statement. So far, the airline’s shares have fallen 93% due to the pandemic.
On the positive side, the actions of Experian PLC
EXPN
It rose 7.5% after posting solid results throughout the year and little impact from the pandemic, and the company kept its dividend unchanged.
Marks & Spencer Group PLC
MKS
It rose 2.9% after the retailer reported a 21% drop in annual profits for the year, largely due to lower clothing sales. But investors responded positively to comments on his restructuring plan, with more planned cost savings and a focus on his business with the online supermarket Ocado Group PLC.
OCDO
.
Rolls-Royce Holdings PLC shares
RR,
It fell 2.7% after the British aircraft engine manufacturer announced that it would cut 9,000 jobs as part of a restructuring plan to cope with reduced demand caused by the pandemic.