European shares slide as coronavirus fears persist, US-China tensions dented sentiment

European shares fell on Wednesday, as investors feared a surge in COVID-19 cases after several hard-hit countries started to ease lockdowns, while rising U.S.-China tensions also dented sentiment.

The pan-European STOXX 600 index fell 1.1 percent by 0710 GMT, with banks proving a drag after a slew of negative updates.

Shares in Germany’s Commerzbank  slid 3.2 percent and Dutch bank ABN Amro dropped 5.3 percent after swinging to a loss in the first quarter as the COVID-19 pandemic drove up loan loss provisions.

Deutsche Bank dropped 4.4 percent on news that top managers will waive one month of fixed pay in an effort to cut costs.