European Stocks Close Lower On Thin Volumes After Cautious Session
(RTTNews) - European stocks closed lower on Monday as worries about inflation and further interest rate hikes offset positive progress in U.S. debt ceiling deal negotiations.
U.S. President Joe Biden and Congressional Republican McCarthy agreed on a debt ceiling deal on Saturday to avert an economically destabilizing default by suspending the $31.4 trillion debt ceiling until 2025.
The bipartisan agreement now has to clear a divided Congress before the United States runs out of money to pay its debts in early June.
With the U.K. stock market and Wall Street, and several markets in Europe closed for a holiday, volumes were rather thin today.
The pan European Stoxx 600 edged down 0.12%. Germany's DAX and France's CAC 40 ended lower by 0.2% and 0.21%, respectively. The Switzerland market was closed for Pentecost.
In the French market, WorldLine drifted down by about 2.5%. STMicroElectronics, Societe Generale, Essilor, Dassault Systemes, L'Oreal, Kering and Renault lost 0.6 to 1.2%.
Unibail Rodamco climbed about 1.2%. Carrefour, AXA, Bouygues and Veolia gained 0.4 to 0.8%.
In the German market, Continental ended more than 2% down. Zalando, Covestro, Puma, Adidas, Vonovia, Porsche and SAP posted moderate losses.
Fresenius Medical Care and Sartorius gained about 1.4% and 1.2%, respectively.
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Pound Slides Against Majors
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