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European shares slide as pandemic jitters return

Published 04/24/2020, 03:34 AM
Updated 04/24/2020, 03:35 AM
© Reuters. FILE PHOTO:  The German share price index DAX graph is pictured at the stock exchange in Frankfurt

© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European shares tumbled on Friday on fears of a severe and lasting economic hit from the coronavirus pandemic after a report raised doubts about progress in developing a treatment for COVID-19.

The pan-European STOXX 600 index (STOXX) was down 1.1% at 0719 GMT, with London's FTSE 100 (FTSE) shedding 1.3% as data showed UK retail sales crashed in March.

Global equity markets headed lower as a closely watched Gilead Sciences Inc (O:GILD) experimental drug failed to help patients with severe COVID-19 in a clinical trial, even as the drugmaker said findings were inconclusive because the study was terminated early.

© Reuters. FILE PHOTO:  The German share price index DAX graph is pictured at the stock exchange in Frankfurt

All the major European sectors fell in early trading, with the banking index (SX7P) leading the declines as S&P cut Commerzbank's (DE:CBKG) credit rating by a notch and lowered its outlook for Deutsche Bank (DE:DBKGn) to negative from stable.

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