- July 25, 2024
- By: Admin1_blog
- EU Market, Indices
Jenni Reid
LONDON — European markets retreated Thursday, with a flurry of corporate earnings and a selloff on Wall Street in focus.
The regional Stoxx 600 index was down 1.42% at 9:30 a.m. London time, as technology stocks tumbled 2.58%.
Consumer goods giant Unilever climbed 5% despite missing a sales growth forecast from a company-compiled consensus, as it upgraded its full-year margin guidance.
European markets
| TICKER | COMPANY | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|
| .FTSE | FTSE 100 | 8087.67 | -66.02 | -0.81 |
| .GDAXI | DAX | 18137.1 | -250.36 | -1.36 |
| .FCHI | CAC 40 Index | 7361.81 | -151.92 | -2.02 |
| .FTMIB | FTSE MIB | 33580.89 | -890.76 | -2.58 |
| .IBEX | IBEX 35 Idx | 11029.4 | -180.7 | -1.61 |
After European banks’ turn in the spotlight on Wednesday, investors are now assessing results from companies including Nestle, carmaker Renault, Swiss health-care firm Roche.
Stellantis, the maker of the Jeep and Dodge brands, reported a 48% fall in first-half net profit, attributing the decline to to reduced volumes, temporary production gaps and a lower market share in North America.
Shares of French luxury group Kering meanwhile tumbled to a seven-year low on a sharp decline in revenue.
Data will be released on German consumer confidence and euro zone and U.K. business activity, ahead of next week’s euro zone gross domestic product second-quarter print.
Attention will also be on the tech-driven selloff in the U.S., which saw the Nasdaq Composite and S&P 500 record their worst sessions since 2022. Analysts noted a market rotation out of mega-cap stocks into more cyclical areas of the market all through last week, which was compounded Wednesday when earnings from Alphabet and Tesla disappointed.
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“Markets saw a massive slump yesterday, as the combination of weak earnings and poor data hit investor sentiment,” Deutsche Bank strategists said in a Thursday note.
“That led to some very big losses, with the Magnificent 7 (-5.88%) posting its worst day since September 2022, leaving it in technical correction territory after falling over -10% from its record just two weeks earlier.”
Asia-Pacific stocks were pulled down by the global action. Japan’s Nikkei 225 dropped 3%, while the yen strengthened against the U.S. dollar after Reuters reported that the Bank of Japan is expected to discuss a rate hike at its monetary policy meeting next week.
Source : cnbc
