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European stocks pull back after Wall Street sell-off

Soegeefx AppsEU MarketEuropean stocks pull back after Wall Street sell-off

Key Points

  • The Dow Jones Industrial Average plunged more than 1,000 points and the Nasdaq Composite fell nearly 5% on Thursday, erasing Wednesday’s rally.
  • Earnings continue to affect individual share price movement in Europe, with Adidas and British Airways parent IAG among those reporting before the bell on Friday.

LONDON — European markets retreated on Friday, tracking global caution after Wall Street posted its worst day since 2020.

TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME
.FTSE FTSE 100 *FTSE 7471.53 -31.74 -0.42 39368755
.GDAXI DAX *DAX 13813.18 -89.34 -0.64 4190478
.FCHI CAC 40 Index CAC 6290.97 -77.43 -1.22 10112277

The pan-European Stoxx 600 fell 0.7% in early trade, with tech stocks shedding 1.3% to lead losses as almost all sectors and major bourses slid into negative territory. Oil and gas stocks gained 0.5%.

The Dow Jones Industrial Average plunged more than 1,000 points and the Nasdaq Composite fell nearly 5% on Thursday, erasing Wednesday’s rally. Initial relief over the Federal Reserve’s ruling out of more aggressive hikes seemingly gave way once again to fears that a sharp hiking cycle in order to rein in red-hot inflation could harm economic growth.

U.S. stock futures were little changed in early premarket trade on Friday ahead of the closely watched April jobs report. Meanwhile the dollar continues to strengthen amid economic anxiety, with the dollar index notching a fresh 20-year high on Friday morning.

Shares in Asia-Pacific also largely declined on Friday, with Hong Kong’s Hang Seng index leading regional losses as tech stocks sold off following the tech-heavy Nasdaq’s overnight drop stateside.

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Earnings continue to affect individual share price movement in Europe, with Adidas and British Airways parent IAG among those reporting before the bell on Friday.

Shares of drug ingredients business EUROAPI climbed more than 5% in early trade on the Sanofi spin-off’s Paris stock market debut.

At the bottom of the European blue chip index, Danish hospital equipment manufacturer Ambu slid more than 12% after cutting its guidance.

Investors are also monitoring Russia’s progress in eastern and southern Ukraine as its forces appear to have escalated assaults in the regions.

Sorce : CNBC

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