MILAN/FRANKFURT: Miners and banks led declines in European stocks, hit by a wave of selling across global markets on Thursday after the US Federal Reserve signalled a long path of recovery for the world's largest economy. The pan-European STOXX 600 index fell 1.1% to hit a 10-day low, with economically sensitive sectors such as miners , banks, automakers and oil and gas falling between 1.6% and 2.9%.
Among individual stocks, Chilean miner Antofagasta fell 5.6% after it posted a 22.4% plunge in first-half core earnings on lower copper sales, but said it would pay an interim dividend. Payments processor Adyen NV, which has doubled in value in the past year, slipped 2.7% as it reported slower earnings growth.
Intercontinental Hotels Group rose 0.9% and France's Accor gained 2.3% after a French newspaper reported the hotel operators had examined a merger. German real estate firm Tag Immobilien jumped 6.9% as it confirmed its guidance for 2020 and said raising it during the year was a possibility.
"The impact of this (rise in Covid-19 cases) is not yet evident in the official economic data, but the high frequency figures show a clear flattening of activity - this will undoubtedly come through in the data," Derek Halpenny, head of research for global markets EMEA at MUFG, wrote in a note.
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