Energy, miners steer Europe's STOXX 600 lower from two-week high

By Paolo Laudani and Ankika Biswas

(Reuters) -European shares turned lower after hitting an over two-week high earlier on Tuesday, weighed down by mining and energy stocks, with investors also monitoring the corporate earnings season and the central bank's interest rate decision due later this week.

The pan-European STOXX 600 index was down 0.1%, as of 0820 GMT. Leading the losses, energy stocks slumped nearly 3% as oil prices slid after a media report said Israel will not strike Iran's oil facility, easing fears of supply disruptions.

Shares of basic resources dropped more than 2% to their lowest levels in three weeks amid weak copper prices.

The STOXX 600 has climbed around 9% so far this year, but lagging behind the double-digit gains in U.S. counterpart S&P 500 Index , as the euro zone navigates its downbeat economic state and fell short of the AI-led euphoria seen on the Wall Street.

Investors are more focussed on the generally easing inflation than geopolitical tensions, said Elwin de Groot, Rabobank's head of macro strategy.

"The economy losing a bit of its growth momentum, but not really collapsing, creating conditions of further decline in interest rates - and that is being reflected in the stronger outlook for equities," Groot said.

Germany's benchmark index hit a record high, outperforming most of the regional bourses, with telecommunications and travel stocks being the top STOXX sectoral performers.

Investors' key focus for the week is a monetary policy verdict by the European Central Bank on Thursday, where it is widely expected to trim rates further by 25 basis points.

The bank will witness support in its decision by recent data such as September's higher-than-expected fall in French inflation, along with the euro zone's worsening economic state.

Among single-stock movers, Ericsson (BS:ERICAs ) reported third-quarter core earnings and sales above expectations as demand for 5G gear rebounded in North America, sending shares of the Swedish company 6.5% higher.

Bellway (LON:BWY ) jumped 7% as the UK homebuilder expects to construct at least 11% more homes in the 2025 financial year.

TotalEnergies (EPA:TTEF ) saw its shares dropping 3.7% after the French oil powerhouse said its third-quarter downstream results are expected to sharply decrease due to lower refining margins in Europe and elsewhere.



Deutsche Bank fell 2.2% as the sale of some 16 million shares was priced at 16.01 euros apiece, a bookrunner for the transaction said.

Delivery Hero lost 2.3% after Citi downgraded the food delivery firm's stock to "neutral" from "buy".

Source: Investing.com

Publicații recente
Amazon doubles down on AI startup Anthropic with another $4 billion
23.11.2024 - 11:00
Dollar climbs, euro weakens to two-year low after PMI data
23.11.2024 - 11:00
Dollar keeps rising; euro falls to two-year low on weak data
22.11.2024 - 12:00
Asian FX muted as dollar remains at 1-yr high; yen steady as inflation rises
22.11.2024 - 07:00
Dollar rises after claims data, bitcoin continues rally
21.11.2024 - 22:00
STOXX 600 snaps four-day losing streak on energy, tech boost
21.11.2024 - 19:00
Deere's profit beat overshadows tepid 2025 outlook, shares rise
21.11.2024 - 19:00
Dollar rises after claims data, bitcoin climb continues
21.11.2024 - 18:00
Deere forecasts weak annual profit as farm incomes sag
21.11.2024 - 15:00
US indictments scythe $27 billion off value of India's Adani Group firms
21.11.2024 - 13:00
Deere forecasts annual profit below estimates as farm equipment demand slumps
21.11.2024 - 13:00
Sterling sags as 'Trump bump' lifts dollar
21.11.2024 - 13:00
STOXX 600 drops for fifth day, Nvidia drags European chip stocks
21.11.2024 - 12:00
Dollar steady near recent highs; euro suffers more weakness
21.11.2024 - 12:00
US indictments scythe $34 billion from value of India's Adani Group firms
21.11.2024 - 11:00

© Analytic DC. All Rights Reserved.

new
Analiza pieței Cum va afecta raportul NFP de mâine cursul de schimb al dolarului american?