Back to the ‘red’ for the European markets

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Negative signs for the main European stock markets on Monday, which seem to lose the recovery momentum that brought them gains of more than 2% on Friday, even erasing the heavy losses of the previous days amid fears that the aggressive turn of central banks in the US and Europe to tighter policies will hit global growth.

Investors continue to assess the outlook for inflation and interest rates as well as geopolitical developments on the continent, especially after Finland announced on Sunday that it would apply to join NATO, in a historic move for the Nordic country, which until now it has pursued a policy of neutrality for decades.

Joining the military alliance will “maximize” Finland’s security following Russia’s invasion of Ukraine in February, President Sauli Niinisto said on Sunday. Russia warned last week that it would retaliate if Finland joined NATO, but Moscow did not specify what that might be.

In this climate, the pan-European index Stoxx 600 falls 0.8% to 430 points, with the travel and leisure sector losing 1.3%, recording the largest losses. The shares of the telecommunications sector resist the negative trend and add 0.7%.

In the individual dashboard, the German DAX falls by 0.9% to 13,900 shares, the French CAC 40 notes a drop of more than 1% to 6,290 points and the British FTSE 100 loses 0.6% to 7,370 points.

In the periphery, the Italian FTSE MIB slips by 0.68% to 23,885 points and the Spanish IBEX 35 loses 0.62% at 8,285 points.

In the individual sharesthe Italian water pump company Interpump Group is at the top of the Stoxx 600 with an increase of more than 5%.

On the other hand, the British technical products company Diploma fell by 7.8%, despite the fact that the company announced an increase in its profits and revenues and a larger dividend to shareholders.

In the scope of resultsthe British bakery and fast food chain Greggs, stressed that cost pressures increased, as it announced an increase in first-quarter sales, which were more favorable in relation to trade volume restrictions due to the coronavirus, in the corresponding period of 2021.

In corporate news, the French Renault announced that it has agreed to sell its activities in Russia and its share in the Russian car industry AvtoVAZ. Renault has said it will sell all of Renault Russia’s 67.69% stake in AvtoVAZ to NAMI, a state-owned car research and development company.

Mixed signs in Asia-Pacific markets, with China experiencing the biggest losses after disappointing macro, as factory activity and retail sales plummeted in April due to the country’s pandemic outbreak. In addition, the unemployment rate rose to 6.1% in April, the highest level since February 2020 and higher than the government’s target for 2022, at 5.5%.

Source: Capital

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