EU shares start lower in cautious trade

EU shares start lower in cautious trade

On Wednesday, EU stocks started lower in cautious trade, right after China’s rating was downgraded by Moody’s. Additionally, financial markets were still reviving from the Manchester bombing.

The EURO STOXX 50 sagged 0.20%, France’s CAC 40 tumbled 0.14% and Germany’s DAX 30 lost 0.25%.

Global equities went down after Moody's unexpectedly downgraded its credit rating on China to "A1" from "Aa3", telling that this Asian country will most likely lose its financial strength within next few years.

Market participants were still digesting the Manchester terrorist attack, which murdered up to 22 folks on Monday.

Britain’s FTSE 100 went down 0.05%, suppressed by Kingfisher, whose stocks dipped 5.93% right after the company posted a dip in first-quarter sales because of a slowdown in its French market.

Financial stocks showed mixed performance because BNP Paribas dived 0.30%, Societe Generale gained 0.10%, while Commerzbank soared 0.06%. In Germany, Deutsche Bank lost 0.41%.

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