European stocks pulled back Monday after European Union leaders meeting at the weekend failed to come to an agreement over a multibillion-euro recovery fund for the region to help it recover from the coronavirus crisis.
The pan-European Stoxx 600 slid 0.6% lower in early trade, with travel and leisure stocks shedding 2.3% to lead losses as all sectors and major bourses slid into negative territory.
European markets will be digesting the latest news from the region this weekend with EU leaders having failed so far to agree on the size and composition of a proposed 750 billion euro ($857 billion) recovery fund. Talks that started in Brussels on Friday over the fund, and the next long-term EU budget, continued over the weekend and are now expected to resume Monday.
President of the European Council Charles Michel reportedly reminded EU leaders present at the summit that now over 600,000 people have died from the coronavirus worldwide.
The pandemic remains a focus for markets as coronavirus cases rise at an alarming rate in some parts of the world. Data compiled by Johns Hopkins University showed more than 70,000 cases were confirmed in the U.S. on Saturday, marking two straight days of at least 70,000 new infections being confirmed.
Stocks in Asia Pacific mostly tumbled on Monday as China maintained its benchmark lending rate for the third straight month. Meanwhile, U.S. stock futures declined in early Monday trading, paring earlier gains as investors tried to build on last week's solid performance.
In terms of individual share price action, Ubi Banca rallied 11% in early trade after Intesa Sanpaolo increased its takeover bid for the smaller Italian lender.
At the other end of the European blue chip index, Natixis shares dropped more than 8% after owner BPCE said it did not intend to file a tender offer for more shares of the French corporate bank.
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July 20, 2020 at 12:16PM
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European markets retreat as EU leaders fail to agree over recovery fund - CNBC
World - Latest - Google News
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