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Europe close: Stocks caught in technology downdraft on Wall Street

Tue, 8th Sep 2020 17:46

(Sharecast News) - European shares finished sharply lower amid continued heaving selling in tech stocks and more concerns about Britain's belligerent stance on Brexit trade talks.
The pan-European Stoxx 600 fell 1.15% alongside falls of 1.78% for the Ibex 35 and of 1.81% for the FTSE Mibtel.

London's FTSE 100 was down was 0.12% at 5,930.09, while the pound was off by 0.91% against the dollar at 1.3047, having already fallen sharply on Monday amid worries about a hard Brexit as Downing Street made increasingly strident suggestions that it would override the Withdrawal Agreement with the European Union.

Stateside meanwhile the tech-heavy Nasdaq Composite was shedding another 2.75%.

In corporate news, French electricity giant EDF led the fallers, with shares down more than 8% after the company said nuclear output fell 17.6% in August due to the effects of the coronavirus pandemic and reactor outages.

Builders' merchant Travis Perkins retreated after it swung to a first-half loss as revenue fell due to the coronavirus pandemic.

Shares in Royal Mail surged to the top of the leader board as the company reported a "substantial shift" in its business from letters to parcels in its first five months, with parcel volumes up 34%, or 177 million more parcels, and revenue up 33.1% year-on-year.

JD Sports Fashion was also a major gainer as it forecast annual pre-tax profits of at least £265m, scrapped its interim dividend and reported a slump in half-year earnings.

Packaging company DS Smith was in the black after saying it will pay an interim dividend as trading has improved.

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