European Stocks Close Lower on COVID-19 Worries

European stocks declined on Wednesday, with the positive impact from the European Union’s recovery deal appearing to fade out in the face of the rising number of COVID-19 cases, despite the US signing a huge deal for obtaining a newly-developed vaccine.

The pan-European Stoxx 600 index settled lower by 0.89%, while FTSE100 declined by 1%.

DAX closed down by 0.51%, while CAC40 fell by 1.32%.

COVID-19 cases worldwide reached 15 million, with 8.47 million recoveries and 617 deaths.

In the US, cases exceeded 3.9 million, while death cases are at 144,000, while recoveries have reached 1.16 million.

On Tuesday, the Vice President of the European Central Bank (ECB), Luis de Guindos, warned that a second wave of the coronavirus disease (COVID-19) in countries such as the United States could negatively impact European economic growth.