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European Shares Fall As US Records New Virus Peak

asianmarket 021219 03jul20 lt

European stocks fell in cautious trade on Friday as investors weighed another record surge in U.S. coronavirus cases against encouraging service sector data from China and the U.K.

The U.S. notched more than 53,000 new Covid-19 cases in 24 hours Thursday, marking a record single-jump in infections around the country.

Meanwhile, the German Parliament has passed a resolution saying that the European Central Bank (ECB) has met the requirements from a top German court concerning the bank's massive bond-buying program.

The euro slipped after French Prime Minister Edouard Philippe tendered his resignation ahead of an expected government reshuffle by President Emmanuel Macron.

The pan European Stoxx 600 dropped 0.3 percent to 367.29 after rallying 2 percent on Thursday.

The German DAX slid marginally, France's CAC 40 index gave up 0.4 percent and the U.K.'s FTSE 100 was down 0.9 percent. Trading volumes were thinned by the Independence Day holiday in the U.S.

Retailer Next lost 2.5 percent after Goldman Sachs downgraded its rating on the stock to "sell".

Essentra, a supplier of plastic and fiber products, jumped 6 percent. The company reported that its like-for-like revenue trend improved as the second quarter progressed. For the third quarter, the company projected continued revenue progress on a stable operating base.

Real estate investment trust Land Securities Group advanced 1.7 percent. The company said that 122 million pounds of rent was due on the 24 June rent payment date.

Peugeot lost about 2 percent after reports that the French automotive manufacturer and Fiat Chrysler are considering options to reduce a planned cash payout to FCA shareholders ahead of their merger.

Delivery Hero soared 6.4 percent after the online takeaway food company reported a near-doubling of orders in the second quarter.

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