European Shares Heading For a Weekly Loss as Covid-19 Cases Soar

European stocks rose from a two-week low, but still heading towards a weekly loss after a sell-off marked by fear of a second wave of Covid-19 cases, uncertainty related to Brexit and doubts about more fiscal stimulus in the United States.

The pan-European STOXX 600 index rose 0.7% after recording its worst performance during the session in more than three weeks on Thursday.

Shares of banks, insurance and energy companies, which bear the brunt of the losses this week, rose between 0.3% and 1%.

A new rise in Coronavirus cases in Europe has raised concerns about comprehensive general isolation measures, while London and Paris, the two richest cities in Europe, live under restrictions imposed by the state.

Shares in London rose about 1% in early trade, but they are still on track to wrap up a two-week winning streak.

Shares in ThyssenKrupp rose 24.2% as a report said the privately-owned Liberty Steel Group is heading to bid for the company’s troubled steel unit as soon as perhaps today.