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3 Minutes to Read (Click LIVE/ or type LIVE/ in a news window for a Reuters live blog on U.S., UK, and European financial markets.) * BP and Shell are down on lower oil prices* Siemens Gamesa is having its worst day since 2019* Avast is up on merger negotiations with NortonLifeLock in the UK. (Adds a comment and changes the prices) 15 JULY (Reuters) – On Thursday, European stocks fell for the second day in a row, as weaker crude prices impacted on oil firms and Siemens Energy’s margin projection hurt on wind energy companies. The STOXX 600 index fell 0.2 percent throughout Europe, with the oil and gas sector down 2.3 percent. Royal Dutch Shell and BP, both traded in the United Kingdom, slumped more than 2% as crude prices fell on anticipation of increased supplies following an OPEC deal. Siemens Energy fell 9.5 percent after scrapping its margin target due to higher-than-expected raw material and product ramp-up costs at Siemens Gamesa, the company’s wind power division. Siemens Gamesa was down 14.5 percent, on track for its worst day since July 2019, while Vestas, a builder of wind turbines, was down 6.4 percent. Investors were worried about mounting COVID-19 instances throughout the continent, thus sentiment turned gloomy. Economically sensitive stocks including banks, autos, and tourism led the slump. Since Jan. 15, the United Kingdom has registered the biggest daily increase of COVID-19 cases, according to official data. The STOXX 600 index touched a new high on Tuesday, fueled by confidence about the economy and a strong start to the earnings season, but inflation fears have weighed in, even as leaders from major central banks maintain their dovish approach. “With loads of positive news built into future results, the U.S. earnings season may well contain elements of buying the rumour, selling the fact,” Jeffrey Halley, senior market analyst at OANDA, wrote in a report. “Equities, on the other hand, are still at record highs. So, notwithstanding last night’s sideways shuffle, it’s business as usual.” Daimler, the maker of Mercedes-Benz, fell 0.1 percent after its car and truck businesses topped analyst expectations. Aker BP, a Norwegian independent oil and gas company, declined 2.8 percent after reporting lower-than-expected operational earnings in the second quarter. Avast Plc, a cybersecurity company based in the United Kingdom, soared 13.2 percent to the top of the STOXX 600 index after the company announced it was in advanced talks to merge with peer NortonLifeLock Inc. This helped keep the UK’s FTSE 100 afloat, while data indicated that the number of employees on British firm payrolls increased by the greatest since the outbreak began in June. ASOS, an online clothes retailer, fell 14.7 percent after reporting that sales growth slowed in June and that greater costs did not translate into higher prices for customers. Sruthi Shankar in Bengaluru contributed reporting, and Uttaresh.V. edited the piece./nRead More

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