European stocks tumbled on Monday, with growth worries and interest rate fears weighing on markets ahead of this week’s FOMC meeting.
Investors continued to monitor the war in Ukraine as EU leaders work on a Russian oil embargo.
The pan European Stoxx 600 dropped 1.2 percent to 444.91 in thin trade amid a bank holiday in the U.K.
The German DAX fell over 1 percent and France’s CAC 40 index was down 1.8 percent.
Tech, auto and luxury stocks were among the prominent decliners after data showed China’s manufacturing activity slumped to its lowest level since February 2020.
Closer home, German retail turnover was down by real 0.1 percent on a monthly basis in March, offsetting a 0.1 percent rise in the previous month and in contrast to the expected growth of 0.3 percent, data showed earlier today.
On a yearly basis, retail sales fell 2.7 percent, confounding expectations for an increase of 6.1 percent.
Italian banking group Intesa Sanpaolo dropped 1 percent after renewing the term of its chief executive and managing director, Carlo Messina.
Danish wind turbine firm Vestas slumped 6.2 percent. The company trimmed its fiscal 2022 outlook after reporting a wider net loss in its first quarter.
France’s Airbus lost 1.1 percent despite receiving a large order from airline Qantas for its London-Sydney route.
Air Liquide SA, a provider of industrial gases and services, fell around 1 percent. The company announced a joint venture with Lotte Chemical to boost the hydrogen supply chain for mobility markets in South Korea.
German property group Adler Group SA plummeted as much as 44 percent. All members of its board of directors have offered to resign with immediate effect after an auditor declined to give an opinion on the company’s financial statements.
Sixt SE, an international mobility service provider, fell 1.4 percent after it was hit by a cyber-attack.
Business News
European Shares Decline On Growth Concerns
2022-05-02 09:44:13
