European stocks slipped Tuesday, amid political uncertainty and concerns about the economic impact of a second coronavirus wave.
Up 2.2% on Monday in its best one-day advance since June 22, the Stoxx Europe 600
Decliners included shopping mall operator Klepierre
airline Deutsche Lufthansa
and airports operator Aeroports de Paris
all of which would be harmed by coronavirus restrictions. Total confirmed coronavirus cases have now topped 1 million globally.
House Democrats unveiled a $2.2 trillion stimulus package, that is meant to be a bargaining tool with House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin due to rekindle negotiations.
The U.K. is holding talks this week with the European Union, as it pushes through an internal markets bill that would undo elements of last year’s withdrawal agreement. The main event of the day will come after European and U.S. markets close, which is the first debate between President Donald Trump and former Vice President Joe Biden.
Shares of Ferguson
rose as the plumbing products supplier reported a 4% fall in pretax profits in the July 31-ending fiscal year, reinstated a dividend and said it would resume bolt-on acquisitions.
Pulp technology maker Valmet
declined after approaching valves maker Neles
about a merger. Valmet, already the top shareholder in Neles, didn’t disclose terms. Alfa Laval
also is trying to buy Neles.