European equities head south

On Wednesday, European equities declined in early trade, reacting to a sag in the previous trading session when a sell-off on the bond market put pressure on markets, while support from a tax reform in America faded.

The STOXX 600 index dived 0.3%, while revenues among German utilities helped to restrict the DAX's descend to 0.1%. In France, CAC lost 0.5%, while Britain’s FTSE descended 0.2%.

Steinhoff headed south 21%. It’s because the scandal-affected South African furniture retailer started to lose credit lines from its lenders. The retailer told it didn’t have an opportunity to determine the whole scale of accounting irregularities that have erased over $10 billion off its market value for the last two weeks.

RWE happened to be the key gainer on the DAX, adding 1.8%.

On the STOXX the top gainer was Stada. The benchmark gained 9.7% right after the German pharmaceutical firm agreed a fresh revenue transfer deal with Nidda Healthcare, its new majority investor.

Similar

15.05.2019 13:34 Futures head south after China data points to decelerating retail sales

On Wednesday, American stock index futures headed south because dismal data out of China affected market sentiment, while traders waited for more developments related to the US-China trade conflict…

stock market wall street geopolitics

15.05.2019 12:12 Italian budget fears suppress stocks

On Wednesday, Italian stocks led losses in the European Union right after the country's deputy prime minister told that Rome considers breaking EU fiscal rules, thus masking early revenue powered by optimism around the US-China trade conflict…

stock market europe geopolitics

14.05.2019 09:17 Asian stocks head south to three-and-a-half month minimum

On Tuesday, another US-China tariff conflict escalation put pressure on Asian stocks, although remarks from American leader that he expects trade talks to be successful backed market sentiment…

stock market asia geopolitics