European stocks near one-month low as German consumer morale weakens

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 19, 2020. REUTERS/Staff

(Reuters) – European stocks hit their lowest level in almost a month on Thursday, as a fall in German consumer morale, worries about soaring coronavirus cases and a U.S. stimulus impasse weighed on sentiment.

The German DAX .GDAXI fell 1.3%, lagging its European peers, as a survey showed consumer morale in Europe’s largest economy dropped heading into November as fears about a second coronavirus wave made Germans less willing to open their wallets.

The pan-European STOXX 600 .STOXX slipped 0.9% by 0708 GMT, in its fourth session of losses.

Europe has seen COVID-19 cases climb to a record high, with Spain becoming the first Western European country to exceed 1 million infections and Italy setting a record increase in daily cases.

Earnings remained a bright spot. Unilever ULVR.L, UNA.AS rose 0.7% after the company reported a stronger-than-expected return to quarterly sales growth, led by emerging markets.

French spirits maker Pernod Ricard PERP.PA also gained 1.0% after saying that sales would return to growth in the second half of its 2020/2021 fiscal year.

Source: Read Full Article