European Stocks Close Weak Again On Growth Worries Ahead Of Key Economic Data

RTTNews | 654 days ago
European Stocks Close Weak Again On Growth Worries Ahead Of Key Economic Data

(RTTNews) - European stocks closed lower on Monday, extending recent losses, amid rising concerns about the health of the global economy following a slowdown in China, and on fears central banks will continue with their monetary tightening for longer to fight inflation.

Concerns about China's property market have resurfaced again.

In European economic news, a survey showed German business sentiment slightly worsened in September. The Ifo institute said its business climate index stood at 85.7 versus a score of 85.2 forecast by analysts.

Investors also awaited a slew of crucial economic data from the U.S., Europe and China, including inflation reports from several major economies, due later in the week.

European Central Bank president Christine Lagardee ECB's president Christine Lagarde signaled that key interest rates may have reached their peak, but reaffirmed that they would be set "at sufficiently restrictive levels for as long as necessary" to bring inflation back to its medium-term target of 2%. Lagarde made these comments while testifying before the European Commission's Committee on Economic and Monetary Affairs

The pan European Stoxx 600 ended 0.62% down. The U.K.'s FTSE 100 dropped 0.78%, Germany's DAX declined 0.98% and France's CAC 40 ended lower by 0.85%, while Switzerland's SMI ended flat.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Poland, Portugal, Spain and Swedend ended with sharp to moderate losses.

Greece, Iceland and Russia declined marginally, while Turkiye closed sharply higher.

In the UK market, Entain tanked 13% after it warned on its online net gaming revenues for the third quarter and the full year.

TUI ended more than 6% down, while Imperial Brands and Burberry Group lost 5.6% and 4.6%, respectively.

British American Tobacc, Severn Trent, IAG, Phoenix Holdings, Flutter Entertainment, Carnival, Just Eat Takeaway.com, EasyJet, Prudential, Antofagasta, Rentokil and St. James's Place lost 2 to 3.4%.

Anglo American Plc, Fresnillo, Segro, Rio Tinto and Croda International also declined sharply.

CRH climbed more than 5% after the building materials giant announced the repurchase of 17.7 million ordinary shares.

AstraZeneca, Ferguson, Barratt Developments and Melrose Industries gained 0.7 to 1.4%.

In the German market, Zalando surged 3.6%. Bayer, Puma, RWE, BMW, Deutsche Telekom, Beiersdorf, Mercedes-Benz, Adidas, Fresenius, Allianz, Volkswagen and Infineon lost 1 to 3%.

HeidelbergCement climbed about 1.2%. Siemens Energy and Daimler Truck Holding posted modest gains.

In Paris, Kering ended 4.5% down and Hermes International declined 3.4%. LVMH, Pernod Ricard, Alstom, L'Oreal, Unibail Rodamco, ArcelorMittal, Carrefour, Essilor and Stellantis lost 1 to 2.6%.

Swedish property group SBB soared more than 18% after it agreed to cede control in a portfolio of school buildings to Canada's Brookfield Asset Management Ltd.

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