European markets closed lower Wednesday as surging coronavirus cases in parts of the world continue to cast doubt over the prospect of a global economic recovery.

The pan-European Stoxx 600 closed down by 0.7%, with autos shedding 2% to lead losses as almost all sectors and major bourses slid into negative territory.

The U.S. is nearing 3 million cases and Florida faces an impending shortage of intensive care unit beds, as a majority of states continue to see spikes in new Covid-19 infections.

Meanwhile, the White House has begun the process of formally withdrawing from the World Health Organization as worldwide cases pass 11.8 million. A WHO official said Tuesday that it shouldn’t “be a surprise” if coronavirus deaths start to rise again.

Source: CNBC