Thu. Oct 22nd, 2020

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European markets close lower

1 min read
European markets close lower with Brexit and U.S. politics on the agenda

European market low

The pan-European Stoxx 600 closed down by 0.5%. Banks shed 2.1% while utilities bucked the broad downward trend to add 0.5%.

The cautious session follows mixed trading in Asia-Pacific overnight, where mainland Chinese and South Korean shares advanced while stocks in Hong Kong and Australia retreated slightly.

Stateside, stocks fell slightly on Tuesday as the market took a breather following a sharp rally in the previous session. Investors are preparing for the first presidential debate between President Donald Trump and Democratic challenger Joe Biden, with a clear victory for either party likely to cause some market movement.

The U.K. and the European Union have indicated that a Brexit deal is still some way off after negotiations recommenced Monday over implementing their Withdrawal Agreement, which British Prime Minister Boris Johnson’s government has sought to renege on.

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