European stocks open lower as sentiment sours; Novo Nordisk starts as Europe's most valuable firm for first time

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European markets opened lower Tuesday after sentiment gradually soured in Monday's trading session.

UBS is sticking by its view of a "softish" landing for the U.S. economy, saying inflation is moving closer to the Federal Reserve's target without a recession this year.

"August was a tough month for investors," said Mark Haefele, global wealth management chief investment officer at UBS, noting that the S&P 500 ended last month down 1.6%. "Contradictory evidence and conflicting interpretations of economic data, asset pricing, and the outlook for Fed policy have buffeted asset prices in recent weeks as expectations of a soft landing for the US economy have ebbed and flowed.

Some remaining uncertainties could still keep market on edge, Haefele said in the Monday note. Last month'scame out well above the Fed's target, which could sustain the possibility of another rate hike, the analyst said. UBS is also watching for a potential rebound in savings rates and further cooling in the labor market.

"Our base case view is that by the November FOMC meeting, the economy will have shown clear signs of slowing, leading the Fed to finally put an end to its sharpest rate hike cycle since the 1980s. We expect US Treasury yields to fall by year-end as both US economic growth and inflation moderate," Haefele wrote.Markets now look pretty different from just a few months ago when stocks were rallying.

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European stocks head for lower open as sentiment sours slightly; Novo Nordisk to start session as Europe's most valuable firmEuropean markets are heading for a negative open Tuesday as sentiment gradually soured in Monday’s trading session.
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