European Shares Tumble On Worries About US Finances

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(RTTNews) - European stocks fell sharply on Wednesday after Fitch downgraded the U.S. government's credit rating from AAA to AA+, citing fiscal deterioration and repeated debt ceiling standoffs.

The rating agency said that during the last 20 years, there has been a decline in the standard of governance in America, the effect of which is visible in fiscal and debt decisions.

There was little reaction in the dollar, with the euro falling below the 1.1090 support zone to move into a short-term bearish zone against the greenback.

Investors also looked ahead to the Bank of England's interest rate announcement on Thursday and the U.S. nonfarm payrolls report due to be published on Friday for directional cues.

The pan European STOXX 600 was down 1.4 percent at 460.52 after declining 0.9 percent the previous day in its biggest single-day percentage loss in nearly a month.

The German DAX dropped 1.4 percent, France's CAC 40 shed 1.3 percent and the U.K.'s FTSE 100 was own 1.4 percent.

Miners Anglo American, Antofagasta and Glencore fell 2-3 percent on China growth concerns.

Ferrexpo dropped 2 percent after reporting a fall in pellet production for the first half of the year.

BAE Systems jumped 5 percent. The defense company upgraded its guidance for 2023 after reporting strong first-half figures.

Housebuilder Taylor Wimpey rallied more than 3 percent after its first-half trading beat expectations.

German automotive and industrial supplier Schaeffler Group fell 2.3 percent despite lifting its FY23 margin view and backing sales growth forecast.

Likewise, Hugo Boss declined 2.4 percent despite the luxury fashion brand reporting higher earnings and sales in the second quarter and raising its guidance again for 2023.

Specialty chemicals maker Symrise lost 2.5 percent after reporting lower earnings for the first half of the year.

Siemens Healthineers plunged 6.6 percent. The medical device maker confirmed its outlook after reporting an unexpected drop in quarterly operating profit.

Roche was down about 1 percent and Novartis fell 1.5 percent.

Swiss drug maker Roche's subsidiary Genentech has accused a Novartis unit, Sandoz, of infringing one of its patents.

Canadian Market Looks Headed For Another Positive Close

The Canadian market is firmly placed in positive territory Thursday afternoon, thanks largely to a fine performance by several technology stocks, and a few frontline stocks from consumer discretionary, real estate, communications and financials sectors.

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Swiss Market Closes On Buoyant Note

The Switzerland market closed on a strong note on Thursday, in line with most of the markets across Europe, amid rising expectations of a rate cut by the Federal Reserve, and easing concerns about tariffs.

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European Stocks Close Higher Ahead Of Crucial U.S. Jobs Data

European stocks closed mostly higher on Thursday, with most of the markets in the region gaining for a second straight day amid cooling bond markets. Still, the mood in the markets remained a bit cautious with investors looking ahead to crucial U.S. non-farm payroll data on Friday.

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U.S. Services Index Climbs To Six-Month High In August

Service sector growth in the U.S. accelerated by more than anticipated in the month of August, according to a report released by the Institute for Supply Management on Thursday. The ISM said its services PMI rose to 52.0 in August from 50.1 in July, with a reading above 50 indicating growth. Economists had expected the index to inch up to 50.5.

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U.S. Labor Productivity Surges 3.3% In Q2, Much More Than Previously Estimated

A report released by the Labor Department on Thursday showed labor productivity in the U.S. surged by much more than previously estimated in the second quarter of 2025. The Labor Department said labor productivity shot up by 3.3 percent in the second quarter compared to the previously reported 2.4 percent jump. Economists had expected the increase in labor productivity to be unrevised.

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U.S. Trade Deficit Widens More Than Expected As Imports Spike

With the value of imports spiking, the Commerce Department released a report on Thursday showing the U.S. trade deficit widened more than expected in the month of July. The Commerce Department said the trade deficit shot up to $78.3 billion in July from a revised $59.6 billion in June. Economists had expected the trade deficit to increase to $75.7 billion.

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U.S. Jobless Claims Rise More Than Expected To Two-Month High

A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits rose by more than expected in the week ended August 30th. The Labor Department said initial jobless claims climbed to 237,000, an increase of 8,000 from the previous week's unrevised level of 229,000.

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U.S. Private Sector Job Growth Slows More Than Expected In August

A report released by payroll processor ADP on Thursday showed private sector employment in the U.S. increased by less than expected in the month of August. ADP said private sector employment rose by 54,000 jobs in August after jumping by an upwardly revised 106,000 jobs in July. Economists had expected private sector employment to rise by 65,000 jobs.

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EURUSD	1.16466	GBPUSD	1.3431	AUDUSD	0.6515
USDJPY	148.571	USDCAD	1.3827	USDCHF	0.80618