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European Stocks Down In Negative Territory On China Covid Worries
(RTTNews) - Despite paring some early losses, European stocks are broadly down in negative territory around noon on Monday with investors making cautious moves.
Rising concerns about the growing unrest in China following the imposition of stringent Covid-related restrictions in several cities across the country weigh on investor sentiment.
Several areas across China are witnessing protests, with some demonstrators even calling for the resignation of Xi Jinping even as surging new Covid cases have prompted authorities to extend local lockdowns.
The pan European Stoxx 600 is down 0.88%. The U.K.'s FTSE 100 is lower by 0.33%, Germany's DAX and France's CAC 40 both are down by 0.84%, while Switzerland's SMI is down marginally.
In the UK market, Persimmon, Royal Mail, Admiral Group, Carnival, Segro, Scottish Mortgage, Barratt Developments, BP, BHP Group, TUI and Hikma Pharmaceuticals are down 1 to 3.4%.
In Paris, Airbus Group is down more than 3%. Dassault Systemes, TotalEnergies, STMicroElectronics, Saint Gobain, Legrand, Capgemini and Veolia are down 1 to 2.5%.
In the German market, shares of chemicals distributor Brenntag are plunging nearly 8% after the company confirmed that it had held preliminary takeover talks with U.S. rival Univar Solutions.
HelloFresh, Zalando, Vonovia, Sartorius, Puma and Infineon Technologies are down 1.7 to 3%. Daimler, Siemens Healthineers, RWE and Porsche Automobil are also notably lower.
Investors look ahead to a speech by the European Central Bank President Christine Lagarde at the European Parliament later today.
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