Europe open: Shares open weaker on US debate chaos, rising Covid cases

European stocks opened slightly weaker on Wednesday as a less-than-edifying US presidential debate and continuing surge in Covid-19 infections dampened investor sentiment.

The pan-European STOXX 600 index was down 0.4% at the start of trading, after a chaotic encounter between US President Donald Trump and Democratic challenger Joe Biden overnight – described by one observer as “the worst job interviews in recorded history”.

All major European bourses were lower, with London’s FTSE 100 off by 0.33% as Britain reported 7,143 new coronavirus cases on Tuesday, the highest single figure to date as the government’s ineffectual testing system attracted growing criticism.

In corporate news, shares in UK interdealer broker TP ICAP fell 12% as the company on Tuesday revealed it was in advanced talks on the potential acquisition of New York-based electronic trading network Liquidnet Holdings for $600m - $700m.

Shares in UK catering company Compass Group slumped more than 5% after the company said it expects 2020 revenue to fall by almost a fifth and take a £100m impairment charge on assets.

French waste and water management company Suez jumped 7% after rival Veolia lifted its offer to 18 euros a share from 15.5 euros to buy a 29.9% stake in the company. Veolia shares were up 1% on the news.

William Hill shares fell slightly as the betting firm agreed to be taken over by Caesars Entertainment in a £2.9bn deal that would see the enlarged group cash in on the rapidly expanding US sports betting market.

Royal Dutch Shell shares rose after the company said it was cutting 7,000 - 9,000 jobs globally as it responded to the global slump in oil prices and looked to reposition itself as a green energy provider.