European equities head south

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.

 

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