European Shares Edge Lower On Virus Worries

European stocks were moving lower in cautious trade on Monday after leaders of the G20 nations admitted that COVID-19 variants could threaten the economic recovery from the pandemic.

There were over 2.6 million new cases last week, with Europe experiencing a sharp increase of 30 percent, the WHO said in its latest epidemiological update.

Investors also awaited cues from the U.S. earnings season, the release of inflation data in several countries, and testimony by Federal Reserve Chair Jerome Powell.

The pan European Stoxx 600 was marginally higher at 457.70 after rising 1.3 percent on Friday. The German DAX edged down marginally, France’s CAC 40 index eased 0.3 percent and the U.K.’s FTSE 100 fell 0.6 percent.

Credit Suisse shares dropped 1.6 percent. The Swiss lender announced that Floriana Scarlato has decided to leave the company with immediate effect to pursue a new challenge outside the bank.

Shares of Daily Mail & General Trust advanced 1.7 percent. The British media group said that its controlling shareholder, Rothermere Continuation Ltd., is considering a bid for the remaining assets of the group, if the sales of its insurance risk unit and Cazoo business go through.

Tate & Lyle, a supplier of food and beverage ingredients, gained 1.5 percent after it announced an agreement to sell a controlling stake in its Primary Products business to KPS Capital Partners, LP.

Car insurance provider Admiral Group rallied 3.3 percent. The company said it anticipates a higher than expected Group profit before tax from continuing operations for the first half of 2021 in the range of 450 million pounds to 500 million pounds.

French IT consulting group Atos plunged as much as 17 percent after it booked lower-than-expected profitability in the first half and cut financial targets for the year.

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