European Shares Slip On Growth, US Debt Ceiling Worries

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(RTTNews) - European stocks were broadly lower on Thursday amid doubts about China's economic recovery and lingering uncertainty surrounding the possibility of a U.S. debt default.

Fitch Ratings along with Moody's and S&P placed the United States "AAA" credit on "rating watch negative," signaling downside risks to U.S. creditworthiness.

Traders remained wary of a possible and catastrophic default with U.S. Treasury Secretary Janet Yellen maintaining early June as a debt ceiling default deadline.

Growth concerns also resurfaced after official data showed German economy entered a technical recession in the first quarter of this year.

GDP declined a seasonally and calendar adjusted 0.3 percent from the fourth quarter of last year as household consumption slumped amid the rising cost of living that is fueled by high inflation, revised data from the statistical office Destatis showed.

"After growth entered negative territory at the end of 2022, the German economy has now recorded two consecutive negative quarters," Destatis President Ruth Brand said.

Two consecutive quarters of output contraction is defined as a technical recession. The pan-European STOXX 600 edged up 0.1 percent to 458.26 after tumbling 1.8 percent on Wednesday.

The U.K.'s FTSE 100 and the German DAX were down around 0.2 percent, while France's CAC 40 was marginally lower.

Renewi, a waste-to-product services provider, lost 4 percent in London after reporting lower earnings for the year 2023 due to cost inflation and volatility in recyclate prices.

Pets At Home declined 2.2 percent after its pre-tax profit fell in fiscal 2023. Infrastructure firm Hill & Smith rallied 3.5 percent after it delivered a record trading performance in the four months to April 30.

Chemicals group Johnson Matthey fell 2.8 percent after reporting a fall in annual profit.

Deutsche Boerse shares fell about 1 percent. The German company published the offer document pursuant to which the company makes an all-cash voluntary recommended public takeover offer to acquire all shares, excluding treasury shares, in SimCorp A/S at a price of 735.0 Danish kroner per share.

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Japan Stock Market May Spin Its Wheels On Tuesday

The Japan stock market has moved higher in back-to-back sessions, gathering almost 200 points or 0.5 percent along the way. The Nikkei 225 now rests just above the 42,800-point plateau although it may be stuck in neutral on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. The Nikkei finished modestly higher on Monday following gains from the financial shares, weakness from the technology stocks and a mixed picture from the automobile companies. For the day, the index advanced 174.53 points or 0.41 percent to finish at 42,807.82 after trading between 42,681.37 and 43,201.42. Among the actives, Nissan Motor accelerated 3.15 percent, while Mazda Motor shed 0.55 percent, Toyota Motor eased 0.10 percent, Honda Motor climbed 1.01 percent, Softbank Group soared 3.53 percent, Mitsubishi UFJ Financial dipped 0.11 percent, Mizuho Financial collected 0.79 percent, Sumitomo Mitsui Financial added 0.41 percent, Mitsubishi Electric rose 0.35 percent, Sony Group slumped 1.11 percent, Panasonic Holdings lost 0.49 percent and Hitachi fell 0.24 percent.

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KOSPI May Run Out Of Steam On Tuesday

The South Korea stock market has tracked higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The KOSPI now sits just shy of the 3,210-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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