{"id":37044,"date":"2023-08-02T09:34:59","date_gmt":"2023-08-02T09:34:59","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/08\/02\/european-shares-tumble-on-worries-about-us-finances\/"},"modified":"2023-08-02T09:34:59","modified_gmt":"2023-08-02T09:34:59","slug":"european-shares-tumble-on-worries-about-us-finances","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/08\/02\/european-shares-tumble-on-worries-about-us-finances\/","title":{"rendered":"European Shares Tumble On Worries About US Finances"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"ctl00_CPI_dvBody\">\n<p> European stocks fell sharply on Wednesday after Fitch downgraded the U.S. government&#8217;s credit rating from AAA to AA+, citing fiscal deterioration and repeated debt ceiling standoffs.<\/p>\n<p>The rating agency said that during the last 20 years, there has been a decline in the standard of governance in America, the effect of which is visible in fiscal and debt decisions.<\/p>\n<p>There was little reaction in the dollar, with the euro falling below the 1.1090 support zone to move into a short-term bearish zone against the greenback.<\/p>\n<p>Investors also looked ahead to the Bank of England&#8217;s interest rate announcement on Thursday and the U.S. nonfarm payrolls report due to be published on Friday for directional cues.<\/p>\n<p>The pan European STOXX 600 was down 1.4 percent at 460.52 after declining 0.9 percent the previous day in its biggest single-day percentage loss in nearly a month. <\/p>\n<p>The German DAX dropped 1.4 percent, France&#8217;s CAC 40 shed 1.3 percent and the U.K.&#8217;s FTSE 100 was own 1.4 percent. <\/p>\n<p>Miners Anglo American, Antofagasta and Glencore fell 2-3 percent on China growth concerns. <\/p>\n<p>Ferrexpo dropped 2 percent after reporting a fall in pellet production for the first half of the year.<\/p>\n<p>BAE Systems jumped 5 percent. The defense company upgraded its guidance for 2023 after reporting strong first-half figures.<\/p>\n<p>Housebuilder Taylor Wimpey rallied more than 3 percent after its first-half trading beat expectations.<\/p>\n<p>German automotive and industrial supplier Schaeffler Group fell 2.3 percent despite lifting its FY23 margin view and backing sales growth forecast.<\/p>\n<p>Likewise, Hugo Boss declined 2.4 percent despite the luxury fashion brand reporting higher earnings and sales in the second quarter and raising its guidance again for 2023.<\/p>\n<p>Specialty chemicals maker Symrise lost 2.5 percent after reporting lower earnings for the first half of the year.<\/p>\n<p>Siemens Healthineers plunged 6.6 percent. The medical device maker confirmed its outlook after reporting an unexpected drop in quarterly operating profit.<\/p>\n<p>Roche was down about 1 percent and Novartis fell 1.5 percent.<\/p>\n<p>Swiss drug maker Roche&#8217;s subsidiary Genentech has accused a Novartis unit, Sandoz, of infringing one of its patents. <\/p>\n<\/p>\n<p>Business News<\/p>\n<\/div>\n<p><script type=\"text\/javascript\">\n        window.fbAsyncInit = function () {\n            FB.init({\n                status: true,\n                cookie: true,\n                xfbml: true\n            });\n        };\n        (function (d) {\n            var js, id = 'facebook-jssdk'; if (d.getElementById(id)) { return; }\n            js = d.createElement('script'); js.id = id; js.async = true;\n            js.src = \"https:\/\/connect.facebook.net\/en_US\/all.js\";\n            d.getElementsByTagName('head')[0].appendChild(js);\n        }(document));\n    <\/script><br \/>\n<br \/>\n<br \/>European Shares Tumble On Worries About US Finances<\/a><br \/>\n<br \/>2023-08-02 09:34:59<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>European stocks fell sharply on Wednesday after Fitch downgraded the U.S. government&#8217;s credit rating from AAA to AA+, citing fiscal deterioration and repeated debt ceiling standoffs. The rating agency said&#8230;<\/p>\n","protected":false},"author":2,"featured_media":37045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-37044","post","type-post","status-publish","format-standard","has-post-thumbnail","category-euro-markets"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/37044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=37044"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/37044\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/37045"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=37044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=37044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=37044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}