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Correction: European Stocks Close Mostly in Red Amid Cautious Trade in Global Markets

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Last updated: 02/22/2021 12:24:03

12:24 PM EST, 02/22/2021 (MT Newswires) -- (Corrects first paragraph to say European stocks closed mostly lower.)

European bourses closed in the red on Monday amid cautious trade as investors closely watched developments related to the COVID-19 pandemic and the vaccine.

The European Stoxx 600 was down 0.4%, the German Dax slipped 0.3% and the French CAC fell 0.1%. The Swiss Market Index was flat, and the FTSE 100 declined 0.2%.

The UK Prime Minister set out a four-step roadmap chalking out a cautious plan to take the country out of lockdown by June 21. Johnson emphasized the steps would be decided by "data not dates."

The European Union doubled its contribution to global COVID-19 vaccines facility COVAX to 1 billion euros ($1.2 billion) from 500 million euros to boost the supply of the shots to low and middle-income countries.

Germany is considering providing around 50 billion euros ($61 billion) of additional debt in order to help the local economy to cope with the COVID-19 pandemic and its effects, according to Bloomberg News. The government is expected to present a draft budget for 2022 and a medium-term financing plan by March 24, with the new parliament to make the decision official in September.

Among individual stocks, French car parts maker Faurecia (EO.PA) declined nearly 5% after swinging to a loss and reporting lower sales in 2020, but reinstated its dividends for the year just ended and expressed confidence that it is on the road to recovery.

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