{"id":47260,"date":"2024-05-21T09:25:54","date_gmt":"2024-05-21T09:25:54","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/05\/21\/european-shares-decline-on-us-rate-concerns\/"},"modified":"2024-05-21T09:25:54","modified_gmt":"2024-05-21T09:25:54","slug":"european-shares-decline-on-us-rate-concerns","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/05\/21\/european-shares-decline-on-us-rate-concerns\/","title":{"rendered":"European Shares Decline On US Rate Concerns"},"content":{"rendered":"
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European stocks edged lower on Tuesday following cautious comments from Federal Reserve officials on inflation and the interest rate outlook.<\/p>\n

In economic releases, the euro area current account surplus increased in March on improving primary income, the European Central Bank reported.<\/p>\n

The current account balance posted a surplus of EUR 36 billion in March compared to a EUR 29 billion surplus in February. In the same period last year, the balance was in EUR 13 billion surplus.<\/p>\n

The surplus on goods trade fell to EUR 33 billion from EUR 34 billion in the prior month. Likewise, the services surplus decreased to EUR 5 billion from EUR 7 billion.<\/p>\n

German producer prices decreased 3.3 percent on a yearly basis in April, faster than the 2.9 percent fall in March, data from Destatis revealed. Economists had forecast an annual fall of 3.2 percent.<\/p>\n

On a monthly basis, producer prices advanced 0.2 percent, the same pace of increase as seen in March and also matched economists’ expectations.<\/p>\n

The pan European STOXX 600 dropped 0.4 percent to 521.82 after gaining 0.2 percent on Monday.<\/p>\n

The German DAX dipped half a percent, France’s CAC 40 shed 0.8 percent and the U.K.’s FTSE 100 was down 0.3 percent. <\/p>\n

Eurozone sovereign bond yields climbed for the second day as investors looked ahead to the release of business<\/span> activity data later this week for fresh clues on the European Central Bank’s monetary path.<\/p>\n

Italian insurer Generali tumbled 3.2 percent after Q1 profitability was slightly weaker in its property and casualty business. <\/p>\n

Energy contractor Saipem jumped 3.6 percent on securing three new contracts worth $3.7 billion.<\/p>\n

Miners fell on profit taking after recent gains helped by China’s property support measures. Anglo American and Antofagasta both were down around 1 percent.<\/p>\n

AstraZeneca gained about 1 percent after the drug maker said it is aiming for $80 billion in total revenue by 2030.<\/p>\n

Vodafone dropped 1 percent. Stephen van Rooyen has been appointed Chief Executive Officer of VodafoneZiggo, effective from September 2024.<\/p>\n

Greencore shares soared 20 percent. The foods maker announced a share buyback after delivering first-half profit before taxation of 14.7 million pounds, compared to last year’s loss of 6.2 million pounds.<\/p>\n

Kontron rallied 3.2 percent. The German IoT technology<\/span> company said it had received a major order to supply smart wallboxes. <\/p>\n<\/p>\n

Business News<\/p>\n<\/div>\n