European shares inch lower on lockdown worries

  • Reuters
  • Stock Market News
European shares inch lower on lockdown worries
Credit: © Reuters.

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Jan 15 (Reuters) - European stocks were set to end the week on a cautious note as the prospect of tighter lockdowns in Germany and France as well as new COVID-19 restrictions in China cut into optimism about a global economic recovery.

The pan-European STOXX 600 index .STOXX fell 0.5% by 0804 GMT, set to end the week marginally lower.

German Chancellor Angela Merkel wants "very fast action" after the country saw a record number of deaths from the coronavirus, while French government said it will strengthen its border controls from Monday and impose an earlier curfew from Saturday to curb the spread. German DAX .GDAXI was down 0.5% and France's CAC 40 .FCHI fell 0.6%. UK's FTSE 100 .FTSE also declined 0.6% despite data showing that Britain's economy recorded a smaller-than-expected contraction in November. president-elect Joe Biden outlined a $1.9 trillion stimulus package proposal on Thursday, but failed to excite markets that had rallied in anticipation of the announcement. company news, German business software group SAP SAPG.DE rose 0.9% after it released preliminary annual results that came at the high end of guidance, but forecast a decline in operating profit in 2021. Energy AG ENR1n.DE fell 5.3% after General Electric (NYSE: GE ) Co GE.N accused a subsidiary of the power distribution company of using stolen trade secrets to rig bids for lucrative contracts.

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