European markets pull back over concerns for the global economy

The U.K. reported 6,178 cases, up by 1,252 since Tuesday, as the country grapples with a Covid-19 surge. Two German government ministers, Heiko Maas and Peter Altmaier, are now in quarantine after close contacts received positive coronavirus tests.

LONDON — European stocks retreated Thursday as investors’ hopes for economic recovery following the coronavirus pandemic falter amid a second wave of cases.

The pan-European Stoxx 600 fell 0.9% by mid-morning, with retail stocks shedding 1.6% to lead losses as all sectors and major bourses slid into the red.

Coronavirus developments continue to weigh on investor sentiment as cases surge in Europe. The number of daily reported coronavirus cases in the U.K. has jumped by a quarter in the past day, according to the BBC. The U.K. reported 6,178 cases, up by 1,252 since Tuesday, as the country grapples with a surge this month. Meanwhile, two German government ministers, Heiko Maas and Peter Altmaier, are now in quarantine after close contacts received positive coronavirus tests.

Elsewhere, Asia-Pacific markets also saw losses, following a drop on Wall Street Wednesday due to uncertainty over the pandemic.

South Korean stocks dropped on Thursday after reports that South Korea’s defense ministry said North Korea had killed a missing official from the South earlier this week. It marked the first time since July 2008 that a South Korean civilian has been shot dead in North Korea, according to South Korean news agency Yonhap.

In terms of individual share price movement, Norway’s Nel dropped 8% in early trade as Nikola’s tumble stateside continues to drag down green energy stocks.

At the top of the Stoxx 600, Corbion gained 4.5% after announcing a deal with Total to build the first world-scale PLA bioplastics plant in Europe.

SOURCE: CNBC