{"id":13681,"date":"2021-09-07T17:25:36","date_gmt":"2021-09-07T17:25:36","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/09\/07\/european-stocks-close-lower-on-growth-worries\/"},"modified":"2021-09-07T17:25:36","modified_gmt":"2021-09-07T17:25:36","slug":"european-stocks-close-lower-on-growth-worries","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/09\/07\/european-stocks-close-lower-on-growth-worries\/","title":{"rendered":"European Stocks Close Lower On Growth Worries"},"content":{"rendered":"
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European stocks ended lower on Tuesday after a cautious session amid signs of a slowdown in global economic recovery due to the surge in coronavirus<\/span> cases of the Delta variant.<\/p>\n

Investors also looked ahead to Thursday’s meeting of the European Central Bank, which may act to slow down its massive bond-buying program in light of recent stronger-than-expected inflation data.<\/p>\n

The pan European Stoxx 600 declined 0.49%. The U.K.’s FTSE 100 ended down by 0.53%, Germany’s DAX slid 0.56% and France’s CAC 40 shed 0.26%, while Switzerland’s SMI drifted down by 0.69%.<\/p>\n

Among other markets<\/span> in Europe, Belgium, Denmark, Greece, Netherlands, Norway, Poland, Portugal, Russia, Sweden and Turkey closed weak.<\/p>\n

Ireland and Spain edged up marginally, while Austria, Czech Republic, Finland and Iceland closed higher.<\/p>\n

In the UK market, Berkeley Group Holdings, Ocado Group, Weir Group, Legal & General, Smiths Group and AstraZeneca lost 2 to 3%. Coca-Cola, Persimmon, Antofagasta, Rentokil Initial, Croda International, HSBC Holdings, Diageo and Lloyds Banking Group also ended notably lower.<\/p>\n

TP ICAP Group shares slumped more than 10%. The world’s largest inter-dealer broker reported a lower half-year profit.<\/p>\n

Meggitt shares plunged more than 12% after US defense firm TransDigm ruled itself out of a potential $8 billion takeover bid for the British rival.<\/p>\n

Smith (DS) Plc climbed 2.8% after upbeat trading update. Whitbread, Reckitt Benckiser, Flutter Entertainment, RightMove and Phoenix Group Holdings gained 1 to 2.4%.<\/p>\n

Upmarket fashion retailer Ted Baker climbed more than 1% after sales surged during the second quarter.<\/p>\n

In the French market, Danone declined by about 2.5% following a rating downgrade. Thales ended 2.25% down, while WorldLine, Safran, Engie, Renault, Airbus Group, Carrefour, Sanofi and Vivendi ended lower by 1 to 1.4%.<\/p>\n

Sodexo moved up more than 2.5% and ArcelorMittal gained about 1.8%. Kering, Teleperformance, Legrand and Technip posted moderate gains.<\/p>\n

In Germany, Linde and Merck both shed more than 2%. HeidelbergCement, RWE, Vonovia and Fresenius lost 1 to 1.6%.<\/p>\n

Deutsche Telekom AG edged down marginally. The company has struck a share-swap deal with Softbank Group to increase its stake in U.S. unit T-Mobile and sold its Dutch unit in a major restructuring.<\/p>\n

Dutch telecommunication company KPN jumped more than 4%.<\/p>\n

Swiss insurer Zurich Insurance Group ended notably lower after unveiling new climate measures.<\/p>\n

In economic releases, German industrial production grew 1% month-on-month in July, offsetting a revised 1% fall in June, Destatis reported. Economists had forecast a monthly growth of 0.9%.<\/p>\n

On a yearly basis, industrial output advanced 5.7% in July, faster than the 5.4% increase posted in June.<\/p>\n

Economic expectations declined in Germany for the fourth consecutive month, the ZEW economic research institute said with the corresponding index falling to 26.5 in September from 40.4 in August.<\/p>\n

Data from Eurostat showed Eurozone GDP grew 2.2% sequentially in the second quarter, revised up from prior estimate of 2%.<\/p>\n

U.K. house price index climbed 7.1% year-on-year in August following a 7.6% rise in the previous month, survey data from the Lloyds Bank subsidiary Halifax showed.<\/p>\n

The annual rate has slowed every month since hitting a peak of 9.6%in May. The latest increase was the slowest in five months.<\/p>\n

Switzerland’s jobless rate fell a seasonally to 2.9% in August from 3% in July, data from the State Secretariat for Economic Affairs showed.<\/p>\n

On an unadjusted basis, the unemployment rate fell to 2.7% in August from 2.8% in the previous month. <\/p>\n<\/p>\n

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