European Stocks Slide For Sixth Day as Weak Data Hits Sentiment

The Stoxx Europe 600 declined 0.6% by 8:13 in London, with most of the sectors under pressure as German factory orders plummeted in July, in another sign that the woes of Europe’s biggest economy continued into the third quarter. Telecom stocks were outperforming as Spain’s Telefonica rose after news that Saudi Telecom Co. would take a 10% stake in the struggling Madrid-based phone carrier.

European stocks have been stuck in the same 5% range since April, with sideways technicals and neutral breadth hiding still-negative sentiment. The most recent weakness followed disappointing data in the euro zone, showing both stickier than expected inflation and an economic slowdown. “There’s a risk that with oil prices rising back to November highs, investors will worry about what the ECB will do next week ,” says Alexandre Baradez, chief market analyst at IG Markets in Paris. “Sentiment had been improving since the US job data last week but now rising commodities are starting to change the picture when it comes to inflation,” Baradez added.

European Central Bank Governing Council member Francois Villeroy de Galhau on Wednesday morning said interest rates are near a peak, but declined to indicate if that means the institution should hike or hold next week.European mining stocks may be in focus as no. 2 iron ore miner Vale said the outlook for China’s steel-intensive property sector is “more encouraging” despite uncertainties, and reiterated its long-term view of the global steel market remains intact.

Energy stocks may also be closely watched as oil prices held near the highest levels since November after OPEC+ leaders Saudi Arabia and Russia announced that they would extend supply curbs through the end of the year, tightening the global market.M&A Watch Europe: Saudi Telecom Buys Telefonica Stake; UBSUS Stock Futures Unchanged; Zscaler FallsYou want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

European stocks slide to one-week lows after weak China, euro zone dataKitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
Källa: KitcoNewsNOW - 🏆 13. / 78 Läs mer »

European Stocks Hold Steady as China Stimulus Lifts MinersEuropean equities held steady as fresh Chinese stimulus measures aimed at supporting the country’s beleaguered property sector boosted miners and travel sectors, though worries over slowing economic growth kept gains in check.
Källa: BNNBloomberg - 🏆 83. / 50 Läs mer »

European Stocks Decline as Weak China Data Weighs; Luxury SlidesEuropean equities fell at open on Tuesday as disappointing China data added to concern over the nation’s fragile economic recovery, weighing on stocks strongly exposed to the market.
Källa: BNNBloomberg - 🏆 83. / 50 Läs mer »

European Stocks Slip as Weak China Data Weighs on Luxury Sector(Bloomberg) -- European equities were trading slightly lower as disappointing China data dragged down luxury stocks, outweighing a broad rally in the financial sector.Most Read from BloombergHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsWhy China Is Avoiding Using ‘Bazooka’ to Spur EconomyChina Slowdown Means It May Never Overtake US Economy, Forecast ShowsOpenAI CEO Sam Altman First Person to Get Indonesian Golden VisaThe Stoxx Europe 600 declined 0.2% by 12:16 p.m. in London a
Källa: YahooFinanceCA - 🏆 47. / 63 Läs mer »

European stocks extend losses as economic slowdown jitters weigh(Reuters) - European stocks extended losses for a sixth consecutive session on Wednesday as worries about global economic slowdown and higher crude ...
Källa: SaltWire Network - 🏆 45. / 63 Läs mer »