European Stocks Weaken After Wall Street Rally

European stocks fell on Wednesday, August 18, and were unable to gain strength from a record rise in S&P 500 index, as investors feared an increase in coronavirus cases would impede the emerging economic recovery in Eurozone.

The European Stoxx600 index fell 0.1% by 07:15 GMT, with the mining, oil and gas sectors leading losses.

BP, Total and Shell fell between 0.4 and 1% as crude prices fell amid concerns about fuel demand in the United States.

Trillions of dollars’ stimulus programs and the rise of technology stocks S&P 500 helped boost the upside in the market on Tuesday, but doubts about the strength of the economic recovery from the health crisis limited gains in other markets.

Several countries in Europe imposed new travel restrictions due to the increase in cases of coronavirus.