European markets close lower on coronavirus concerns

Wednesday, 22. July 2020 17:30

Major stock markets in Europe finished Wednesday's trading session in the red as the ongoing coronavirus pandemic weighs on investor confidence. European Central Bank President Christine Lagarde warned that a second outbreak of COVID-19 would significantly hamper the bloc's economic recovery. In addition, British media reported that the United Kingdom's government expects that the trade deal with Brussels won't be reached. Meanwhile, regarding business, a German newspaper claimed that Daimler AG could lay off up to 30,000 employees as it faces the impact of the global pandemic.

The FTSE 100 dropped 1.00% at the close as Melrose Industries plc plunged 14.94%. The DAX lost 0.51%. Bayer AG was the worst performer on the German index, falling 2.82%. The CAC 40 decreased 1.32%, with Accor S.A. surrendering 4.39%.

The euro was up 0.57% against the greenback at 5:29 pm, changing hands for 1.15922. At the same time, the pound traded unchanged to sell for 1.27333 dollars.

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Breaking the News / MD