The Stoxx Europe 600 SXXP, -0.12% traded 0.1% lower, following weakness in the U.S. on Wednesday, in the technology-heavy Nasdaq Composite COMP, -2.01% in particular. The drop came in a session with little movement in the bond market, with the yield on the 10-year Treasury TMUBMUSD10Y, 1.621% at 1.62% on Thursday. Tech stocks of late have been pressured when bond yields climb, as it makes their relative valuation look worse.
AstraZeneca AZN, +0.38% AZN, -1.23% shares rose 0.9% after the drug company revised lower its estimate of its vaccine efficacy to 76% from 79% following a dispute with a U.S. regulator. AstraZeneca’s vaccine production is at the heart of a dispute between the U.K. and the European Union, and the two sides on Wednesday said they would look to expand vaccine supply for all.
Cineworld CINE, -10.60% shares tumbled 9%, after the company said it is planning to issue a $213 million convertible bond at a 7.5% interest rate. The cinema operator recorded a $1.3 billion pretax loss in 2020 and said its base case is that its cinemas will reopen in May. Aroundtown AT1, -3.21% shares fell 5%, as the operator of commercial real estate in Germany and the Netherlands reported a sharper-than-forecast 29% drop in funds from operation per share in 2020 and guided for a weaker 2021 performance than analysts anticipated.
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