The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 13, 2020. (Reuters photo)
European shares retreated on Thursday as comments from US officials fanned concerns of a prolonged economic downturn due to the coronavirus outbreak, while investors eyed the prospect of a second wave of infections fearfully.
The pan-European STOXX 600 slid 1% by 0715 GMT, falling past a one-week low hit on Wednesday after the Federal Reserve Chair Jerome Powell warned of a recession worse than any since World War Two, and called for additional fiscal spending.
Automakers .SXAP, technology .SX8P and banking .SX7P stocks led declines, with TeamViewer (TMV.DE) down 6.3% after private equity firm Permira sold shares worth 1.03 billion euros ($1.1 billion) in the German software company.
Airbus (AIR.PA) slipped 1.6% following a report that the aerospace group is exploring restructuring plans involving the possibility of deep job cuts, industry sources said.
In contrast, pan-European exchange operator Euronext (ENX.PA) gained 5.1% after reporting a 55% jump in quarterly revenue, partly driven by the heavy trading in March which has propped up profits for some banks and brokerages.
(Source: Reuters)
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