European shares moved little on Thursday as an extension of coronavirus restrictions in Germany and a grim growth forecast for the United Kingdom brought the focus back to the near-term economic damage caused by the Covid-19 pandemic.[BENGALURU] European shares moved little on Thursday as an extension of coronavirus restrictions in Germany and a grim growth forecast for the United Kingdom brought the focus back to the near-term economic damage caused by the Covid-19 pandemic.
The pan-European Stoxx 600 index ended down 0.1 per cent, with gains in tech and healthcare offset by declines in automobile and energy shares. A second wave of coronavirus infections coupled with rising Covid-19 related deaths continues to sweep across Europe, prompting Germany, France and the United Kingdom to once again impose tough curbs, dealing a heavy blow to business activity as restaurants, gyms and shops remained closed.
"While it is still too early to say if the investor optimism is hurt as the wider market is still in an uptrend, there are plenty of negative headlines out there for investors to wait and think of the near-term effects," said Connor Campbell, a financial analyst at Spreadex. The benchmark Stoxx 600 index is however still on course for its best month on record and market participants expect European equities to touch record highs next year, following promising vaccine trial results from three major drugmakers.
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