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* GfK institute's consumer sentiment index drops to -3.1
* Tech, healthcare stocks among biggest decliners
* Schneider jumps after upbeat 2020 outlook
* FTSE 100 gains after Sunak's new stimulus measures
(Updates to close)
By Susan Mathew and Joice Alves
Oct 22 (Reuters) - European shares fell for a fourth
straight day on Thursday, though they trimmed losses after
Britain's Finance Minister Rishi Sunak unveiled billions of
pounds more of financial aid for pandemic-hit businesses.
London's FTSE 100 erased losses to end up 0.2%,
while the mid-caps index rose over half a percent. The
pan-European STOXX 600 recovered from losses of up to
1.2% to close down 0.1%.
"(Sunak's) announcement highlights the hope that other
nations will also remain suitably supportive to avoid economic
collapse," said Joshua Mahony, senior market analyst at online
trader IG.
Europe's travel and leisure sector, the pandemic's
worst casualty, jumped 1.6%, with London's Trainline,
bookmaker GVC Holdings and British Airways owner
International Consolidated Airlines leading gains.
The German DAX fell 0.1% as a survey showed
consumer morale in Europe's largest economy dropped heading into
November.
With COVID-19 cases climbing in Europe, all eyes next week
will be on the European Central Bank's next move.
Spain became the first Western European nation to exceed 1
million infections on Wednesday, while Italy saw a record rise
in daily cases. The number of confirmed cases in Germany jumped
by more than 10,000 for the first time in a single day.
.
Analysts at Rabobank say that while an immediate ECB
intervention isn't warranted given the stimulus already being
provided, there is now a substantial possibility of an
announcement next week.
The broader selloff took a toll on tech stocks, the
worst-performing sector so far this week. Investors have also
remained nervous about the slow pace of U.S. stimulus and the
Brexit negotiations.
Data showed fund flows into European stocks have surged in
recent months as global investors looked away from U.S. equities
ahead of the presidential election, and on concerns over high
valuations.
Third-quarter earnings continue to be largely better than
expected.
French electrical equipment group Schneider Electric SE
rose 2.1%, giving the biggest boost to STOXX 600,
after it raised its 2020 revenue and margin forecasts.
Unilever rose 0.4% after the Anglo-Dutch
consumer group reported a stronger-than-expected return to
quarterly sales growth, led by emerging markets.
Swedish hygiene products group Essity and
British price comparison website Moneysupermarket.com
fell as quarterly revenue suffered from the stay-at-home trend.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj
Kalluvila and Jan Harvey)
