European stocks and U.S. futures slump on fears over rising infections

Jun 15, 2020 | Insights

Shares in Europe slumped on Monday on concern over rising coronavirus infections just as many countries begin opening up after lockdowns.

Down nearly 6% last week, the Stoxx Europe 600 SXXP, -0.98% dropped 2.2%.

The German DAX DAX, -1.08% , French CAC 40 PX1, -1.12% and U.K. FTSE 100 UKX, -1.46% each lost at least 2%.

Rising infections in Arizona, California, Florida and Texas, as well as a new outbreak in Beijing, sent investors scurrying from risky assets.

Futures on the Dow Jones Industrial Average YM00, -1.80% skidded 796 points.

“Overall, it’s possible that globally we are now shielding the vulnerable better and that even if we do see a second wave it might not be as deadly as the first. Anyway, expect the market to be obsessing about these states this week,” said Jim Reid, strategist at Deutsche Bank.

The losses came on the day the U.K. allowed non-essential retailers to resume operations.

Of companies in the spotlight, BP shares BP, -4.36% BP, -4.81% lost nearly 6% after the energy giant said it would take up to $17.5 billion in charges, due to lower assumptions on the oil and natural gas it sells.



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