BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were moving lower on Wednesday as investor anxiety over rising coronavirus cases and the uncertainty surrounding the U.S. election result overshadowed positive data from China.
Germany has outlined new coronavirus measures in a bid to contain the spread of the virus over autumn and winter.
French health authorities on Tuesday reported 8,051 new Covid-19 infections over the past 24 hours, up sharply from Monday's 4,070 despite the government ramping up measures aimed at containing the resurgence of the virus.
Britain reported 7,143 new coronavirus cases on Tuesday, the highest single figure to date. Spain's government plans to restrict movement in major cities facing severe outbreaks of Covid-19.
The pan European Stoxx 600 dropped 0.3 percent to 360.27 after declining half a percent in the previous session. The German DAX shed 0.7 percent, France's CAC 40 index declined 0.6 percent and the U.K.'s FTSE 100 was down 0.2 percent.
Swiss specialty chemicals company Sika AG edged up slightly. The company said that it expects more favorable market conditions for the second half of the year.
Dutch specialty chemicals company DSM rallied 3.7 percent after Germany's Covestro said it signed an agreement to acquire its resins and functional materials unit for about 1.6 billion euros ($1.88 billion). Covestro shares slumped 7.5 percent.
STMicroelectronics and Infineon Technologies both fell over 1 percent after U.S. chipmaker Micron Technology forecast fiscal first-quarter revenue to be slightly below Wall Street estimates.
Suez shares surged 6 percent after Veolia Environnement SA raised its offer for the majority of Engie SA's stake in the waste-management company. Veolia rose more than 1 percent.
Compass Group tumbled 4.2 percent. The foodservice company reported that its fourth quarter organic revenue declined approximately 36 percent.
William Hill was little changed after U.S.-based Caesars Entertainment said it has agreed to a 272 pence per share deal for the bookmaker.
Royal Dutch Shell rose about half a percent after the energy company revealed plans to cut up to 9,000 jobs by the end of 2022.
Land Securities Group rose over 1 percent. The commercial property development and investment company said that its chief financial officer, Martin Greenslade, plans to step down from his role during 2021.
In economic releases, German unemployment declined for a third month in September while retail sales rose much more than expected in August, separate reports showed.
The U.K. economy contracted at a record pace in the second quarter though the decline was less severe than previously estimated, revised data from the Office for National Statistics showed.
Due to the coronavirus containment measures, gross domestic product fell 19.8 percent sequentially. The rate was revised from a 20.4 percent fall estimated initially.
Copyright RTT News/dpa-AFX
© 2020 AFX News
