The Stoxx 600 suffered minor losses after eight consecutive uptrends

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The European stock markets ended with a negative sign on Tuesday, after the upward series of the previous days and their historical highs.

The pan-European STOXX 600 index fell 0.2% and closed at 482.71 points after Monday’s record. The STOXX 600 had completed eight consecutive uptrends, while the French CAC 40 and the German DAX set new records in the first week of November after a barrage of strong corporate results and assurances from the European Central Bank that it would not rush to its policy.

The German DAX fell 0.04% to 16,040.47 points, the French CAC 40 lost 0.06% to 7,043.27 points, while the British FTSE 100 lost 0.4% to 7,274.04 points.

In the region, the Italian FTSE MIB fell 1%, while the Spanish IBEX 35 recorded marginal gains of 0.05%.

In business developments, the German giant Munich Re plunged 2.5% after being warned of further damage due to the pandemic in its reinsurance activities,

On the other hand, the German pharmaceutical and chemical company Bayer rose 1.5% as adjusted earnings for the last quarter exceeded analysts’ estimates.

The French car industry Renault jumped 3.8% as the Japanese Nissan, with which it cooperates, revised upwards its forecasts for the whole year.

In the daytime, the investment climate in Germany improved unexpectedly in November, amid expectations that upward pressure on prices would ease from next year.

In particular, the ZEW economic research institute announced that the index for the economic climate climbed to 31.7 points from 22.3 points in October. Estimates placed the index at 20 points.

At the same time, German exports fell for the second consecutive month in September, while imports remained almost unchanged, the country’s statistical office announced on Tuesday.

Seasonally adjusted exports fell 0.7% in September to 112.3 billion euros, compared with economists’ estimates that remained unchanged. At the same time, imports increased by 0.1% to 99.2 billion euros, lower than the 0.6% increase forecasted by analysts.


Source From: Capital

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