News Formal

European Stocks Close Lower as Utilities Lead Losses on Orsted

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 50%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

European stocks closed lower, wiping out gains in afternoon trading, as investors weighed mixed economic data across the US and euro area. Utilities slumped after a gloomy update from Orsted A/S.

The Stoxx 600 Index was down 0.2% at the close, with utilities as the worst performers as Danish power generator Orsted posted a record decline after forecasting potential impairments of up to $2.3 billion relating to its US portfolio.

On a data-heavy day for markets, reports showed inflation slowed less than expected in Germany and quickened in Spain, offering European Central Bank officials a partial picture of the region’s price pressures as they judge whether to raise interest rates again. Meanwhile in the US, data showed the economy expanded at a slower rate than previously thought in the second quarter, fueling speculation the Federal Reserve is nearing the end of its rate-hike cycle.

Data on Thursday will help complete the view for Europe’s policymakers, starting with France. Inflation there is anticipated by economists to have resurged to 5.4%.M&A Watch Europe: Coloplast, Implenia, Lufthansa, StatkfraftUS Stock Futures Little Changed; Insulet GainsYou want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 83. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

European Stocks Rise on Boost From China Measures, UK InflationEuropean stocks rose on Tuesday as recent stimulus measures from China and supportive inflation figures from the UK boosted risk-on appetite, with investors primed for economic data which could provide further hints on the direction central banks may take.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

JPMorgan’s Matejka Says European Stocks Face Risks From SlowdownThe outlook for European stocks whose fortunes are most closely linked to growth in the economy is becoming bleaker, thanks to faltering business activity and China’s downbeat recovery, according to JPMorgan Chase & Co. strategists.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Orsted Shares Plunge as Company Warns of $2.3 Billion US HitOrsted A/S shares plunged the most on record after the renewable energy company warned of impairments of as much as 16 billion Danish kroner ($2.3 billion) to its US portfolio amid supply chain issues and soaring interest rates.
Source: BNNBloomberg - 🏆 83. / 50 Read more »