European markets falter on concerns for the global economy

LONDON — European stocks are expected to open lower as investors’ hopes for economic recovery following the coronavirus pandemic falter amid a second wave of cases.

London’s FTSE is seen opening 51 points lower at 5,853, Germany’s DAX down 122 points at 12,531, France’s CAC 40 down 52 points at 4,754 and Italy’s FTSE MIB 182 points lower at 18,699, according to IG.

Coronavirus developments continue to weigh on investor sentiment as cases surge in Europe. The number of daily reported coronavirus cases in the U.K. has jumped by a quarter in the past day, according to the BBC. The U.K. reported 6,178 cases, up by 1,252 since Tuesday, as the country grapples with a surge this month. Meanwhile, two German government ministers, Heiko Maas and Peter Altmaier, are now in quarantine after close contacts received positive coronavirus tests.

Elsewhere, Asia-Pacific markets also saw losses, following a drop on Wall Street Wednesday due to uncertainty over the pandemic. 

South Korean stocks dropped on Thursday after reports that South Korea’s defense ministry said North Korea had killed a missing official from the South earlier this week. It marked the first time since July 2008 that a South Korean civilian has been shot dead in North Korea, according to South Korean news agency Yonhap.

There are no major European earnings Thursday; on the data front, Ireland releases consumer sentiment data for September and Germany’s Ifo Institute releases its latest business climate survey for September.

– staff contributed to this market report.

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