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European markets fall as comeback rally remains out of reach; Stoxx 600 down 1%

Soegeefx AppsAsia MarketEuropean markets fall as comeback rally remains out of reach; Stoxx 600 down 1%

Key Points

  • The negative open in Europe came as global markets struggled to sustain a comeback rally following weeks of losses.
  • The World Economic Forum is taking place in Davos this week, bringing together political and business leaders from around the world.

LONDON — European stocks retreated Tuesday, tracking global sentiment as U.S. markets struggled to maintain a comeback rally.

TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME
.FTSE FTSE 100 *FTSE 7460.18 -53.26 -0.71 99124079
.GDAXI DAX *DAX 14039.54 -135.86 -0.96 10401233
.FCHI CAC 40 Index CAC 6280.12 -78.62 -1.24 11106048

The pan-European Stoxx 600 dropped 1% in early trade, with utilities shedding 2.4% to lead losses as all sectors and major bourses slid into the red.

Shares of British power generation company Drax Group sank more than 12% to the bottom of the index after Citi cut the stock to “sell” from “neutral” and lowered its price target.

The negative open in Europe came as global markets struggled to sustain a comeback rally following weeks of losses.

U.S. stock futures fell in premarket trading Tuesday although stocks had rallied stateside in the previous trading session, with the Dow jumping 618 points, or nearly 2%, following a week of sharp losses. The S&P 500 rose 1.9%, and the Nasdaq Composite gained 1.6%.

European stocks also closed higher on Monday despite fears over the global economy dominating market sentiment of late. Markets in Asia-Pacific were subdued in Tuesday trading.

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The World Economic Forum is taking place in Davos this week, bringing together political and business leaders from around the world. This year’s summit comes after several years of Covid-19 pandemic and amid Russia’s invasion of Ukraine, which is at the top of the agenda.

On Tuesday, CNBC will be speaking to a wide range of leaders, including the chairmen of Publicis Groupe and Standard Chartered, the CEOs of Nokia and ABB and Gita Gopinath, first deputy managing director of the IMF, among many others.

On the data front in Europe, flash purchasing managers’ index (PMI) data for the euro zone in May is due.

Source : CNBC

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