European shares fall as fears of new virus wave grip investors

European shares fell on Monday as signs of resurgence in coronavirus cases in Germany and elsewhere unnerved investors who were hoping for a swift economic recovery from the crisis.

The World Health Organisation reported a record increase in global coronavirus cases on Sunday.

While Germany’s COVID-19 reproduction rate jumped to 2.88, a rate showing infections are rising above the level needed to contain the disease over the longer term.

Scandal-hit Wirecard lost 72 per cent in market valuate over the past week.

It fell another 43.9 per cent as it said a quarter of its assets totalling 1.9 billion Euros that auditor EY had been unable to account for likely did not exist and withdrew its earnings forecast.

Lufthansa dropped 6.7 per cent amid a showdown between the airline’s biggest shareholder and the German government over the terms of a nine-billion-euro bailout. (Reuters/NAN)