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European Stocks Close Lower as Utilities Lead Losses on Orsted

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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.

 

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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.
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