European shares hit low levels on global sell-off

24.09.2020 - Davydova Maria
European shares hit low levels on global sell-off

European equities recorded a three-month low on Thursday. This could be attributed to a sell-off seen in global risk assets as the absence of a new U.S. stimulus package and the second wave of coronavirus infections dragged investors’ optimism over the global economic recovery.

The pan-European STOXX 600 index recorded its worst session since June as it plunged 1.0%. Meanwhile, bourses in Frankfurt, London, and Paris dropped between 0.6% and 1.0%.

Growth-sensitive sectors weighed heavily on markets as the travel and the oil and gas sectors both plunged about 2%. Tech-related stocks recorded a 2% decline.

On Wall Street, indexes made large declines overnight. This followed after technology-related stocks plunged as the U.S. Federal Reserve called for more government support while emphasizing the need for monetary easing.

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