European stock markets opened lower on Tuesday, with investors remaining cautious ahead of the first U.S. presidential debate
fell nearly 1% as the global death toll from the COVID-19 pandemic crossed 1 million, according to a Reuters tally.
While there were some signs of progress in talks over a fresh U.S. coronavirus relief bill, investors were mostly in a wait-and-see mode as U.S. Democratic presidential nominee Joe Biden and President Donald Trump looked set to square off in their first debate in Cleveland, five weeks before the election.
“Even a half decent performance from Joe Biden could well trigger some anxiety in U.S. equity markets given that the Democrats have a much more interventionist stance towards business and the economy,” Michael Hewson, chief market analyst at CMC Markets wrote in a note. “This may help explain the more cautious tone for markets in Europe today, particularly as we are coming to the end of the month, as well as the quarter.”
While Monday’s bounce back helped the STOXX 600 turn positive for the third quarter, the benchmark was on course to end September with a more than 1% drop, its biggest since the peak market selloff in March, amid concerns of a second wave of COVID-19 infections, Brexit developments and the upcoming U.S. election.fell 4.0% after HSBC downgraded the stock to"reduce" from"hold".jumped 4.
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