European Stocks Post Worst Monthly Drop Since March on Lockdowns
- U.S. tech giants’ underwhelming earnings weigh on sentiment
- Morgan Stanley says trough for European stocks may be near
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European equities on Friday trimmed their worst monthly drop since the March turmoil as underwhelming results among U.S. technology giants added to concerns about new lockdowns and upcoming U.S. elections.
The Stoxx Europe 600 Index closed up 0.2% after losing as much as 0.9% earlier in the session and bringing this week’s loss to 5.6%. Energy stocks were the key gainers, with Total SE advancing after posting third-quarter profit that exceeded the highest analyst estimate and Royal Dutch Shell Plc rising after yesterday promising more cash for shareholders. Prosus NV surged as it plans to buy back a combined $5 billion of shares in itself and its South African parent, Naspers Ltd.