Europe ends in red, DAX sinks to nearly 4-month low

Tuesday, 27. October 2020 17:31

Shares on major European stock markets dropped at the closing bell on Tuesday with the DAX in Frankfurt plunging to its lowest level since late June as investors' fears over the coronavirus pandemic persist.

Germany's Economy Minister Peter Altmaier stressed that the country's daily COVID-19 infections could double to reach 20,000 by the end of the week, while German Finance Minister Olaf Scholz claimed the government may opt to impose "extra measures" amid a "very worrying" spread of the virus nationwide. Meanwhile, French Interior Minister Gerald Darmanin warned that the country has "to prepare for difficult decisions," hinting the government may tighten containment measures in an attempt to curb the outbreak.

The DAX fell 0.85% at the end of the session, declining to its lowest level since June 29 as MTU Aero Engines went down by more than 3% concurrently. The CAC 40 slumped 1.57% to drop to a one-month low with Renault plummeting more than 6%, while the FTSE 100 surrendered 0.94% at the same time as M&G Plc dipped nearly 7%. The euro added 0.20% at 5:28 pm CET, trading for $1.18335, while the pound strengthened by 0.37% concurrently to change hands for $1.30718.

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