European shares fall after poor Chinese and German data – business live

Posted by on June 8, 2020 3:23 am
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Categories: Global Stories

European shares pull back from three-month highs; oil prices climb after the extension of production cuts

8.23am BST

In London, AstraZeneca shares are down 2.2% at £82.40 after Bloomberg News reported on Sunday that the British drugmaker – which recently became Britain’s biggest company by stock market value – had approached US rival Gilead Sciences about a potential merger of the two companies.

Also weighing on the UK’s blue-chip index, a City taskforce has warned that up to £36bn worth of government-backed business loans could turn toxic by next year, as companies struggle to repay growing debts during the Covid-19 crisis.

Related: £36bn of government-backed loans will be toxic, taskforce warns

8.07am BST

And we’re off.

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