{"id":9437,"date":"2021-05-04T18:11:43","date_gmt":"2021-05-04T18:11:43","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/05\/04\/major-european-markets-close-weak-2\/"},"modified":"2021-05-04T18:11:43","modified_gmt":"2021-05-04T18:11:43","slug":"major-european-markets-close-weak-2","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/05\/04\/major-european-markets-close-weak-2\/","title":{"rendered":"Major European Markets Close Weak"},"content":{"rendered":"
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European markets<\/span> ended notably lower on Tuesday following a sell-off in shares of technology firms and several top name companies from other sectors due to concerns about valuation. <\/p>\n

Also, despite optimism about economic recovery and some fairly upbeat earnings reports, the mood was cautious due to rising worries about a surge in coronavirus<\/span> cases in several countries.<\/p>\n

The pan European Stoxx 600 slid 1.43%. The U.K.’s FTSE 100 shed 0.67%, Germany’s DAX declined 2.49%, France’s CAC 40 lost 0.89%, and Switzerland’s SMI ended 1.33% down.<\/p>\n

In the UK market, ICP, Ocado Group, Pearson, 3i Group, Aveva Group, Scottish Mortgage, Flutter Entertainment, Weir Group, Taylor Wimpey, Hikma Pharmaceuticals, Rolls-Royce Holdings, Avast and Just Eat Takeaway shed 3 to 5%.<\/p>\n

Standard Life, Standard Chartered, Barclays Group, HSBC Holdings, Entain, Rentokil Initial, Melrose Industries and Barratt Developments also declined sharply.<\/p>\n

In France, Bouygues declined nearly 5%. Airbus Group, Faurecia, Dassault Systemes, WorldLine, Societe Generale, STMicroElectronics and Renault lost 2 to 3%, while Publicis Groupe, Vinci, Total, Unibail Rodamco and Technip moved higher.<\/p>\n

Dassault Aviation shares rose sharply after Egypt’s defense ministry decided to purchase an additional 30 Rafale fighter jets to equip its force.<\/p>\n

In the German market, Infineon Technologies tumbled nearly 6% after it warned of continued bottlenecks in a manufacturing supply chain that’s running at “full speed.”<\/p>\n

Merck, Vonovia, Volkswagen, MTU Aero Engines, Thyssenkrupp, Siemens, SAP, Deutsche Bank, Deutsche Wohnen, Adidas, RWE, Daimler, Continental and BMW declined 2.5 to 5.2% <\/p>\n

Swiss stock Adecco Group declined 5% after the company, which posted a profit in the first quarter, cautioned that COVID-19 related uncertainties remain elevated.<\/p>\n

In economic releases, British mortgage lending logged its biggest increase on record in March largely driven by the extension of stamp tax duty holiday, the Bank of England said.<\/p>\n

The lending secured on dwellings increased by GBP 11.8 billion in March, which was the strongest since the series began in April 1993.<\/p>\n

The UK manufacturing sector grew at the fastest pace on record in April underpinned by production and new orders, final data from IHS Markit showed.<\/p>\n

The Chartered Institute of Procurement & Supply manufacturing Purchasing Managers’ Index rose to 60.9 in April from 58.9 in March and was above the flash estimate of 60.7.<\/p>\n

Output increased for the eleventh straight month in April. The latest increase was attributed to a loosening of lockdown restrictions, improved demand and rising backlogs of work. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n