The Stoxx Europe 600 was down 0.4% by the close in London, with technology stocks being the region’s biggest decliner, while financial services stocks advanced.
The rally in both European and US stock indices following Nvidia’s results “ran out of puff as investors took money off the table ahead of Jerome Powell’s Jackson Hole speech on Friday,” Axel Rudolph, senior market analyst at IG said. He added that the Federal Reserve Chair is expected to “disappoint investors looking for reassurance that US rates have peaked.”
“And of course, the enthusiasm currently is in tech, to which European indices have small exposure only, and the short-term rally may run out of steam,” she added. Among individual stocks, Harbour Energy Plc dropped after the oil and gas company reported a first-half loss and narrowed its production outlook range. UBS Group AG advanced, leading gains in the financial services subgroup, after the Zurich-based lender was reported to have set a target of winding down Credit Suisse Group AG’s domestic bank.
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