Europe close: Stocks dip ahead of key US presidential debate
By Alexander Bueso
Date: Tuesday 29 Sep 2020
(Sharecast News) - European stocks finished the Tuesday session with modest losses as investors weighed the final round of Brexit trade talks, government responses to the rising number of coronavirus cases and the US presidential debate scheduled for the evening.
The pan-European Stoxx Europe 600 ended 0.53% lower at 361.49, with Germany's DAX dipping 0.35% to 12,825.82 France's CAC 40 off 0.23% to 4,832.07.
Britain is holding talks this week with the European Union in an attempt to broker a trade deal ahead of an October 15 deadline as it forces through legislation that would illegally alter the Withdrawal Agreement.
After the European and US markets' close, President Donald Trump and former Vice-President Joe Biden were due to start their first debate, at 0200 BST.
In corporate news, travel and retail shares were lower on fears of new coronavirus-related restrictions.
Fallers included airports operator Aeroports de Paris, Fraport, SSP Group, easyJet, TUI and Deutsche Lufthansa.
British Airways owner IAG, engine maker Rolls-Royce and GKN owner Melrose were all in the red as well as investors continue to fret about the impact of the Covid-19 crisis and restrictions on the airline industry.
High Street baker Greggs fell sharply as it warned of job cuts in the face of expected lower demand and the closure of the government's Job Retention Scheme ends next month. The company said like-for-like sales in company-managed shops averaged 76.1% of 2019 levels in the four weeks to September 26 - in line with planning assumptions.
Shares of Ferguson on the other hand rose as the plumbing products supplier, which was relatively shielded thanks to its exposure to the US, reported a 4% fall in full-year pre-tax profits reinstated a dividend and said it would resume bolt-on acquisitions.
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