{"id":49419,"date":"2024-07-17T17:05:25","date_gmt":"2024-07-17T17:05:25","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/07\/17\/european-stocks-close-broadly-lower-on-growth-concerns\/"},"modified":"2024-07-17T17:05:25","modified_gmt":"2024-07-17T17:05:25","slug":"european-stocks-close-broadly-lower-on-growth-concerns","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/07\/17\/european-stocks-close-broadly-lower-on-growth-concerns\/","title":{"rendered":"European Stocks Close Broadly Lower On Growth Concerns"},"content":{"rendered":"
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European stocks spent much of the day’s session in the red on Wednesday, and although a few markets<\/span> managed to close in positive territory, the mood remained cautious with a negative bias due to geopolitical concerns, and worries about Chinese demand.<\/p>\n

Investors digested regional inflation data and looked forward to the European Central Bank’s rate-setting meeting later in the week for directional cues,<\/p>\n

Chinese demand concerns and fears that Donald Trump’s return to the White House would herald more inflation and higher interest rates also weighed on markets. <\/p>\n

Semiconductor stocks fell after a report from Bloomberg said President Joe Biden’s administration is considering tougher trade rules against companies in its chip crackdown on China.<\/p>\n

The pan European Stoxx 600 ended down 0.48%. Germany’s DAX and France’s CAC 40 closed lower by 0.44% and 0.12%, respectively. The U.K.’s FTSE 100 climbed 0.28%, and Switzerland’s SMI ended 0.6% up.<\/p>\n

Among other markets in Europe, Austria, Denmark, Greece, Netherlands, Poland, Portugal and Sweden closed weak.<\/p>\n

Belgium, Finland, Iceland, Norway, Russia and Spain ended higher, while Turkiye closed flat.<\/p>\n

In the UK market, Burberry Group climbed 4.4%. Smith & Nephew, BT Group, Severn Trent, Reckitt Benckiser, GSK, Vodafone Group, Imperial Brands, United Utilities and Coca-Cola gained 1.5 to 2.5%.<\/p>\n

Beazley, Barclays, Standard Chartered, BP, British American Tobacco, Convatec, Croda International, AstraZeneca and Unilever also ended notably higher.<\/p>\n

Antofagasta dropped more than 6%. The Chilean miner warned annual production would be at the lower end of guidance.<\/p>\n

Intermediate Capital Group ended down 4.7%, while Melrose Industries, Scottish Mortgage, Frasers Group, Rolls-Royce Holdings, Halma, Intertek Group, Weir Group, Relx, Experian, BAE Systems and Anglo American Plc lost 1.4 to 3.3%.<\/p>\n

In the German market, BASF, Bayer, Puma and Adidas gained 2 to 3%. Adidas raised its full-year guidance after reporting a 11% increase in revenue during second quarterly of FY24.<\/p>\n

Brenntag, Fresenius, E.ON, Sartorius, Henkel, Deutsche Telekom, BMW, Beiersdorf and Deutsche Bank ended higher by 1 to 1.8%.<\/p>\n

Rheinmetall fell 5.5%. Siemens Energy lost about 4.4%, while SAP, Siemens, Zalando, Daimler Truck Holding and Symrise ended down 1.3 to 2%.<\/p>\n

In the French market, Carrefour climbed nearly 2%. Eurofins Scientific, Air Liquide, Societe Generale, Total Energies, Stellantis, Edenred, L’Oreal, Kering and ArcelorMittal also posted notable gains.<\/p>\n

Pernod Ricard climbed 3.4%. The conglomerate has inked a deal to sell its international wine brands to Australian Wine Holdco Limited, a consortium of international institutional investors and owner of Accolade Wines.<\/p>\n

Essilor ended more than 4% down. Legrand, Schneider Electric, Accor, Publicis Groupe, Thales, Renault, Michelin and STMicroElectronics lost 0.6 to 2%.<\/p>\n

Dutch semiconductor firm ASML Holding tumbled 11% on concerns about more curbs on exports to China. <\/p>\n

Danish hearing aid company Demant plummeted 14.8% after a profit warning.<\/p>\n

In economic releases, Eurozone consumer price inflation has been finalized at 2.5% year-on-year in June, down from May’s 2.6%. A year earlier, the rate was 5.5%.<\/p>\n

U.K. inflation came in unchanged at the official target in June, but the stability of services inflation reduced chances of a rate cut in August.<\/p>\n

The consumer price index grew 2% on a yearly basis, the same pace of growth as seen in May, the Office for National Statistics said. Headline inflation was expected to ease to 1.9%.<\/p>\n

The chances of an interest rate cut in August diminished a bit more as services inflation steadied at 5.7%. <\/p>\n<\/p>\n<\/div>\n