{"id":45728,"date":"2024-04-09T09:28:12","date_gmt":"2024-04-09T09:28:12","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/04\/09\/european-shares-decline-on-uncertainty-over-rate-cuts\/"},"modified":"2024-04-09T09:28:12","modified_gmt":"2024-04-09T09:28:12","slug":"european-shares-decline-on-uncertainty-over-rate-cuts","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/04\/09\/european-shares-decline-on-uncertainty-over-rate-cuts\/","title":{"rendered":"European Shares Decline On Uncertainty Over Rate Cuts"},"content":{"rendered":"
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European stocks fell broadly on Tuesday as geopolitical tensions persisted and two more Federal Reserve officials have warned that it’s premature to consider cutting interest rates.<\/p>\n

However, former Federal Reserve Bank of St. Louis President James Bullard said in an interview with Bloomberg TV that he’s expecting three interest-rate cuts this year and that’s the base case.<\/p>\n

U.S. inflation data and the release of Fed meeting minutes this week are expected to provide additional clues on the Fed’s rate trajectory. <\/p>\n

Investors also looked ahead to Thursday’s ECB meeting for clues on when it will begin cutting interest rates. <\/p>\n

The pan European STOXX 600 slipped 0.2 percent to 507.95 after rising half a percent on Monday.<\/p>\n

The German DAX fell 0.7 percent and France’s CAC 40 shed half a percent while the U.K.’s FTSE 100 was up 0.2 percent, led by mining and energy stocks. <\/p>\n

Miners rallied as Shanghai copper prices surged to record highs on optimism around positive factory data out of major economies.<\/p>\n

Anglo American rallied 2.3 percent, Antofagasta added 2.1 percent and Glencore jumped 1.1 percent in London. <\/p>\n

BP Plc shares rose about 2 percent after the oil major said it expects to report a strong performance from its trading business<\/span> for the first quarter.<\/p>\n

HSBC Holdings gained half a percent. The lender said it would sell its Argentine banking business operations to Grupo Financiero Galicia in a deal worth $550 million.<\/p>\n

Imperial Brands added half a percent after the tobacco giant backed its profit and revenue guidance for fiscal 2024.<\/p>\n

UBS was slightly lower. According to Bloomberg News, the Swiss banking giant is contemplating whether to acquire complete ownership of its China platform by engaging in a stake swap deal with a Beijing government investment fund.<\/p>\n

Struggling French IT consulting firm Atos plunged 9 percent after issuing an update on its financial restructuring plan.<\/p>\n

Nordex SE, a German wind turbine maker, rallied 2.3 percent after receiving orders to supply 295 MW wind turbines from EDF Renewables, South Africa.<\/p>\n

Siemens AG edged down slightly. The engineering and technology<\/span> group said its supervisory Board extended the contract for President and Chief Executive Officer Roland Busch for five years from April 1, 2025.<\/p>\n

On a light day on the economic front, France’s trade deficit decreased in February as exports rose faster than imports, data released by the customs office showed earlier today.<\/p>\n

The trade deficit dropped more-than-expected to EUR 5.2 billion in February from EUR 7.2 billion in January.<\/p>\n

The shortfall was forecast to decrease to EUR 7.0 billion. In the same period last year, the deficit totalled EUR 8.9 billion. <\/p>\n<\/p>\n<\/div>\n