{"id":28832,"date":"2022-12-07T17:28:33","date_gmt":"2022-12-07T17:28:33","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/12\/07\/european-stocks-close-lower-again-on-rate-jitters-recession-worries\/"},"modified":"2022-12-07T17:28:33","modified_gmt":"2022-12-07T17:28:33","slug":"european-stocks-close-lower-again-on-rate-jitters-recession-worries","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/12\/07\/european-stocks-close-lower-again-on-rate-jitters-recession-worries\/","title":{"rendered":"European Stocks Close Lower Again On Rate Jitters, Recession Worries"},"content":{"rendered":"
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European stocks closed lower on Wednesday, extending recent losses, as concerns that the Federal Reserve will continue with its aggressive rate hikes hurt sentiment.<\/p>\n

Data showing China’s exports and imports both shrank their weakest level since mid-2020 in November weighed as well.<\/p>\n

Investors also digested the latest batch of economic data from the region.<\/p>\n

The pan European Stoxx 600 ended 0.62% down. The U.K.’s FTSE 100 drifted down 0.43%, Germany’s DAX ended lower by 0.57% and France’s CAC 40 lost 0.41%, while Switzerland’s SMI shed 0.89%.<\/p>\n

Among other markets<\/span> in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Iceland, Netherlands, Norway, Portugal, Sweden and Turkiye closed with sharp to moderate losses.<\/p>\n

Ireland and Russia ended marginally down. Greece and Poland closed higher, while Spain settled flat.<\/p>\n

In the UK market, Ashtead Group, Rolls-Royce Holdings, Harbour Energy, Glencore, BT Group, RS Group, BP and Prudential lost 2 to 3.5%. <\/p>\n

Shell, WPP, Halma, Anglo American Plc, Antofagasta and Pershing Square Holdings also ended sharply lower.<\/p>\n

GSK rallied more than 7.5% after a favourable U.S. court ruling involving the heartburn drug Zantac.<\/p>\n

Ocado Group, Haleon, Smith (DS), Dechra Pharmaceuticals, Smith & Nephew, Smurfit Kappa Group, Sage Group, Frasers Group and ICP gained 1 to 3.6%.<\/p>\n

In the German market, Infineon Technologies, Volkswagen, Adidas, Deutsche Wohnen, Porsche Automobil and Continental lost more than 1%.<\/p>\n

Puma climbed 2.5% and Zalando surged 2.3%. HelloFresh, Qiagen, Fresenius Medical Care and Fresenius gained 1 to 1.8%.<\/p>\n

In Paris, Kering ended more than 4% down. Alstom, Airbus, Thales, Michelin, Orange, ArcelorMittal, STMicroElectronics and TotalEnergies lost 1 to 3%.<\/p>\n

Airbus Group shares ended more than 1% down after the aerospace major announced that it is unlikely to meet its 2022 commercial aircraft delivery target.<\/p>\n

Sanofi rallied nearly 7% and Teleperformance gained about 3.25%.<\/p>\n

In economic releases, the euro area economy<\/span> posted a better-than-initially estimated growth in the third quarter on household spending and investment, but the revision little changes the bleak outlook for a recession in the coming quarters. The 19-member currency bloc grew an upwardly revised 0.3% sequentially, but the pace was slower than the 0.8% expansion logged in the second quarter. <\/p>\n

Official data showed earlier today that German industrial production dropped 0.1% on a monthly basis in October, slower than the expected fall of 0.6%.<\/p>\n

Nonetheless, the fall was in contrast to the revised 1.1% increase seen in September.<\/p>\n

Separately, U.K. housing market continued to slow in November as house prices decreased for a third month in a row and at the steepest rate in over 14 years, survey results from the Lloyds Bank unit Halifax and S&P Global showed.<\/p>\n

The house price index dropped 2.3% month-on-month as households reel under the pressures of a cost-of-living crisis and an economic recession.<\/p>\n

Switzerland’s unemployment rate increased slightly in November, in line with expectations, the State Secretariat for Economic Affairs, or SECO, said.<\/p>\n

The unadjusted unemployment rate rose to 2% in November from 1.9% in October. In the corresponding month last year, the jobless rate was 2.5%. <\/p>\n<\/p>\n<\/div>\n