{"id":12954,"date":"2021-08-16T16:56:18","date_gmt":"2021-08-16T16:56:18","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/08\/16\/european-stocks-snap-long-winning-streak-settle-notably-lower\/"},"modified":"2021-08-16T16:56:18","modified_gmt":"2021-08-16T16:56:18","slug":"european-stocks-snap-long-winning-streak-settle-notably-lower","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/08\/16\/european-stocks-snap-long-winning-streak-settle-notably-lower\/","title":{"rendered":"European Stocks Snap Long Winning Streak, Settle Notably Lower"},"content":{"rendered":"
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European stocks ended weak on Monday, snapping a long 10-session winning streak, as worries about growth resurfaced due to the spread of the delta variant of the coronavirus<\/span> in several countries, and disappointing Chinese economic data.<\/p>\n

Geopolitical concerns following the collapse of the Afghanistan government added to the woes.<\/p>\n

China’s industrial production growth slowed to 6.4% in July from 8.3% a month ago, data from the National Bureau of Statistics revealed Monday. Output was expected to gain 7.8%.<\/p>\n

Retail sales in China grew at a slower pace of 8.5% on a yearly basis, following a 12.1% rise in June. This was also weaker than the economists’ forecast of 11.5%.<\/p>\n

The pan European Stoxx 600 is declining by about 0.5%. The U.K.’s FTSE 100 is sliding 1.07%, Germany’s DAX is down 0.42% and France’s CAC 40 is tumbling 0.8%.<\/p>\n

The pan European Stoxx 600 declined 0.5%. The U.K.’s FTSE 100 shed 0.9%, Germany’s DAX ended 0.32% down and France’s CAC 40 drifted down 0.83%, while Switzerland’s SMI ended lower by 0.36%.<\/p>\n

Among other markets<\/span> in Europe, Austria, Belgium, Finland, Ireland, Netherlands, Norway, Poland, Spain and Sweden drifted lower.<\/p>\n

Greece, Iceland, Russia and Turkey closed higher, while Czech Republic, Denmark and Portugal ended flat.<\/p>\n

In the British market, Prudential, Burberry Group, Weir Group, Entain, Evraz, JD Sports Fashion, BP, Royal Dutch Shell, Next, Scottish Mortgage, Glencore, Rio Tinto and ICP lost 2 to 4%.<\/p>\n

Standard Chartered, Anglo American, BHP Group and HSBC Holdings also declined sharply.<\/p>\n

Fresnillo, Coca-Cola, Ocado Group and Phoenix Group Holdings gained 1.3 to 2%.<\/p>\n

In the German market, Lufthansa declined nearly 4%. Volkswagen, Daimler, BMW and Henkel lost 2 to 2.5%. Covestro, HeidelbergCement, Adidas and MTU Aero Engines, BASF, Infineon Technologies and Thyssenkrupp shed 1 to 1.4%.<\/p>\n

In France, Kering and Technip both ended lower by more than 4%. LVMH, Renault, ArcelorMittal, Safran, Societe Generale, Sodexo, Air France-KLM, Hermes International, Unibail Rodamco, Accor and Essilor also ended notably lower.<\/p>\n

Shares of insurance company Axa declined by about 0.7%. The company has announced the sale of its operations in Singapore to HSBC for $575 million.<\/p>\n

Faurecia soared nearly 12% after the company won the bid to acquire a majority stake in German automotive lighting group Hella, trumping rival bidders and creating the world’s seventh-largest player. Faurecia is set to buy a 60% stake in Hella from the founding Hueck family through a mixture of cash and stock, the company said in a statement on Saturday. The Hueck family will take up to 9% of the combined company.<\/p>\n

In European economic news, Denmark’s economy<\/span> expanded in the second quarter, with GDP growing 2.2% sequentially, mainly due to the progress in catering, culture and retail as activity recovered with the coronavirus pandemic subsiding, preliminary data from Statistics Denmark showed.<\/p>\n

Another data said Denmark’s producer price inflation increased 11.8% year-on-year in July, the highest level since September 2008. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n