European shares decline as traders digest coronavirus treatment news. On Friday, European stocks fell after investors monitored a slew of updates about fresh economic data as well as possible coronavirus treatment.
The pan-European Stoxx 600 dropped more than 1% in the early session, while the banking sector tumbling more than 2%.
On Thursday, Risk sentiment jumped following the Financial Times report – citing documents accidentally published by the World Health Organization – that Gilead’s drug remdesivir didn’t treat coronavirus patients. Gilead said that study was discontinued early due to low enrollment and therefore, the results are inconclusive.
Also, according to the figures from the U.K.’s Office for National Statistics (ONS), British retail sales fell at the fastest rate ever recorded in March.
For the first quarter, Nestle revealed better-than-expected results, displaying a 4.3% growth in organic sales. Shares jumped 1.5% on Friday morning.
French pharmaceutical company Sanofi raised and shares jumped into positive territory after the drugmaker confirmed its 2020 prospect. Meanwhile, the world leader in lighting, Signify topped the European benchmark even after reporting a 39% year-on-year drop in net profit. Stocks surged more than 9%.
Stoxx 600 also reported decline with British cinema chain Cineworld’s shares shedding 7.6%. The company continues to showdown figures.
Credit Suisse recorded a surge of 75% in first-quarter net profit. Credit Suisse stocks were up over 2%. Renault posted a 19.2% drop for its first-quarter revenue. French electrical supplier Rexel British house building companies Taylor Wimpey and Vistry Group both soared more than 11%. However, Micro Focus declined by 5%.