Wednesday, October 20, 2021

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    European stocks fall sharply as growth concerns resurface

    European stocks plunged on Tuesday, raising concerns about a recovery in the global economy following data showing rising national treasury yields, soaring oil prices and slow growth in China’s industrial profits.

    Germany’s political uncertainty after the split verdict in recent elections weighed heavily.

    Traders also responded that Goldman Sachs lowered China’s growth forecast for 2021. Economy We are facing “another growth shock” in the form of energy consumption constraints. Previously, Nomura and Fitch also lowered their forecasts of China’s economic growth.

    Sold out technology Wall Street stocks squeezed European tech stocks amid rising bond yields, most market regional.

    The Pan-European STOXX 600 was down 2.18%. Germany’s DAX fell 2.09%, France’s CAC 40 fell 2.17%, the UK’s FTSE 100 fell 0.5%, while the Swiss SMI fell 1.76%.

    Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Ireland, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkey were closed with sharp to moderate losses. ..

    The Czech Republic and Iceland have opposed this trend and concluded with a positive attitude.

    In the UK market, the Aveva Group fell about 5.8%. Sage Group, Taylor Wimpey, ICP decreased by 4-4.45%, Ocado Group, Admiral Group, Rolls-Royce Holdings, Entain, Antofagasta, Persimmon, Coca-Cola HBC, Fresnillo, Barratt Developments, Ferguson decreased by 2.5-3.6% bottom.

    The National Grid has weakened after submitting a three-year tariff proposal for electricity and gas distribution in northern New York. jobs..

    Smiths Group, Royal Dutch Shell, Glencore, BP, Hargreaves Lansdown, Pearson, Unilever and British American Tobacco increased by 1-3.5%.

    In the French market, Capgemini lost more than 5%. Dassault Systemes, STMicroElectronics, Safran and Unibail Rodamco fell 4-4.7%. Hermes International, Veolia, Airbus, BNP Paribas, LVMH, Societe Generale, Crédit Agricole, Publicis Groupe, Renault and ArcelorMittal also fell significantly.

    Atos and Carrefour countered this trend, rising 2.5% and 2.7%, respectively. Sanofi gained some support after announcing positive interim results from Phase 1/2 trials of mRNA-based COVID-19 vaccine candidates.

    In Germany, Sartorius plunged by more than 8% and Infineon Technologies fell by about 5.5%. Adidas, MTU Aero Engines and Airbus Group lost 3-4%. Vonovia, Linde, Siemens, SAP, Merck and RWE also fell sharply.

    In an economic announcement, Germany’s positive consumer confidence index rose from -1.1 in September to +0.3 points, according to a study by market research group GfK.

    The score was predicted to drop further to -1.5. GfK said the consumer environment reached its highest level in almost a year and a half.

    France’s consumer confidence index rose more than expected from 99 in August to 102 in September, according to a survey by the Statistics Bureau Insee. The reading was predicted to rise to 100. The latest score was the highest since May.

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    European stocks fall sharply as growth concerns resurface

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    The post European stocks fall sharply as growth concerns resurface appeared first on Eminetra.

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