European shares slide as virus fears persist, banks drop

  • Reuters
  • Stock Market News
European shares slide as virus fears persist, banks drop
Credit: © Reuters.

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May 13 (Reuters) - European shares fell on Wednesday, as investors feared a surge in COVID-19 cases after several hard-hit countries started to ease lockdowns, while rising U.S.-China tensions also dented sentiment.

The pan-European STOXX 600 index .STOXX fell 1.1% by 0710 GMT, with banks proving a drag after a slew of negative updates.

Shares in Germany's Commerzbank CBKG.DE slid 3.2% and Dutch bank ABN Amro ABNd.AS dropped 5.3% after swinging to a loss in the first quarter as the COVID-19 pandemic drove up loan loss provisions. Bank DBKGn.DE dropped 4.4% on news that top managers will waive one month of fixed pay in an effort to cut costs. also witnessed the biggest deal involving a European buyer collapse due to the market dislocation caused by the pandemic.

Shares in Exor EXOR.MI , the holding firm of Italy's Agnelli family, fell 4.3% as French insurer Covea walked away from its planned $9 billion purchase of PartnerRe, the Bermuda-based reinsurer owned by Exor.

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