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European stocks fall as UK adds six more countries to its COVID-19 travel quarantine list



GettyImages 1260536537Matthew Horwood / Getty

  • European stocks fell on Friday as the UK added six more countries to its 14-day COVID-19 quarantine list.
  • The UK standard FTSE 100 fell 1.9% and the Euro Stoxx 50 fell 1.6% in early European trading.
  • The ruling, which takes effect Saturday, means travelers coming to the UK from countries including France and the Netherlands have a window of just over 30 hours to return home to avoid restrictions.
  • Eurostat data show that Eurozone GDP shrank 1
    2% for the second quarter, its sharpest decline since registrations began in 1995.
  • Visit the Business Insider homepage for more stories.

European stocks plunged on Friday after the UK added six more countries to its COVID-19 travel quarantine list, which weighed heavily on airlines and travel.

The ruling means that travelers coming to the UK from France, the Netherlands, Malta, Monaco, Aruba and the Turkish islands and Caicos will be required to be isolated for 14 days. Anyone who breaks the rules will be liable to a fine.

London’s FTSE 100 standard point fell 1.9%, probably for its biggest one-day fall this month, while the Euro Stoxx 50 fell 1.6%, also setting its biggest one-day drop this month.

“Weighing in heavily on the European travel industry, recent restrictions in the UK” contributed to an open situation for the continent’s markets “and” the FTSE continued to release its hard-to-justify indifference after the recession, revealing profits, “he said. Connor Campbell, a financial analyst at SpreadEx.

UK-based airlines and European tour operators saw sharp declines as shares in parent EasyJet and British Airways IAG fell 7%, while budget airlines Ryanair and German travel company Tui fell about 5%.

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The UK decision to impose this new directive was adopted to “keep infection rates low”, according to UK Transport Secretary Grant Shapps.

As of last week, an estimated 450,000 vacationers were still in France, according to the Telegraph newspaper, with many thousands of holidays booked in the coming weeks, implying that any quarantine restrictions would represent a greater logistical challenge than any another place.

The mandate comes after France, a major holiday destination for travelers from the UK, added over 2,524 new cases of coronavirus in 24 hours – the highest one-day rise since its closure in May.

Spain, another popular destination, was removed from Britain’s “travel corridor” last month, meaning any UK-based visitors must also quarantine for 14 days upon their return.

Separately, oil prices fell on Friday with Brent crude falling 0.4% to $ 44 a barrel and West Texas Intermediate falling 0.6% to $ 42.

On Thursday, the Home Energy Agency lowered its global oil demand forecast for both 2020 and 2021 in anticipation of weakness in the aviation sector as the coronavirus pandemic continues to hamper air travel.

Data disaggregated by the EU statistics agency showed that GDP growth for the second quarter in the euro area declined from the sharpest level since the start of registrations in 1995, falling by 12%, and by 11.7 % quarter by quarter.

Unemployment in the euro area fell to -2.8%, despite expectations for -1.7%.

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Here is the summary of the market since 11.45 am in London (6.45 am ET):

  • Asian indices ended up mixed with China’s Shanghai Composite up 1.2%, Hong Kong’s Hang Seng 0.2% and Japan’s Nikkei up 0.2%.
  • European capital fell, with Germany’s DAX down 1.2%, Britain’s FTSE 100 down 1.9%, and the Euro Stoxx 50 down 1.6%.
  • US stocks are set to open lower. The futures that lie in the Dow Jones industrial average, the S&P 500 and the US Technical 100 fell 0.5%.
  • Oil prices fell, with West Texas Intermediate down 0.6% to $ 42, and Brent crude up 0.4% to $ 44.
  • The 10-year Treasury yield fell to 0.69%.
  • Gold fell 0.8% to $ 1,954 an ounce.




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