European stocks fall after Trump reports coronavirus

European stocks fall after Trump reports coronavirus

European stocks fall after Trump reports coronavirus

(Reuters) – European stocks fell on Friday after US President Donald Trump announced he tested positive for coronavirus.

Pan-European STOXX 600 is down 0.54% by 10:30 am ET.

Germany's DAX Index fell 0.82%, France's CAC 40 Index dropped 0.78%, and Britain's FTSE 100 Index declined 0.74%.

US President Donald Trump said Friday that he and First Lady Melania Trump have tested positive for coronavirus and have gone into quarantine.

“At this stage, it is too early to say how this will affect the election outcome. Markets reacted by plummeting after this news, it is understandable why,” said Hong Guo, head of Asian research at ANZ in Singapore.

Meanwhile, data showed that international tourist flows to Spain fell 76% year-on-year in August due to restrictions related to the pandemic. Madrid – the European capital hardest hit by COVID-19 – is returning to lockdown.

The European travel industry index fell 0.5%.

The largest drop was the chemical sector, which sank 1.05%, while the auto makers index fell 1.03% and the industrial index fell 0.91%.

Shares in gold miner Centamin plunged 18.87% after the company released a forecast for a drop in annual production due to delays in the development of its key mine in Egypt.

(Shruti Shankar featuring Nikhil Nainan; Translated by Caleb Davis, Editor Anna Kozlova)

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