European stocks declined on Monday on fears of an economic recession later this year as a result of rising inflation, higher interest rates and the ongoing severe lockdown restrictions in China’s Shanghai to contain the spread of COVID-19.
China’s export growth slowed to the weakest in almost two years and imports were barely changed in April, adding to concerns over the economic outlook.
The pan European Stoxx 600 was down 1.2 percent at 424.67 after plunging 1.9 percent on Friday.
The German DAX dropped 0.8 percent, France’s CAC 40 index fell 1.2 percent and the U.K.’s FTSE 100 was down 0.7 percent.
Miners led losses as base metals prices declined on demand concerns. Anglo American, Antofagasta and Glencore slumped 4-5 percent.
Capital & Counties Properties tumbled 3.3 percent and Shaftesbury lost about 3 percent. The real estate firms said they were in advanced discussions regarding a possible all-share merger.
Rightmove plunged 5.3 percent. The chief executive of the company is stepping down after more than 16 years at the property portal.
Deutsche Wohnen SE shares fell 2.5 percent. The property company posted a decline in funds from operations for the first quarter on lower rent revenues.
Semiconductor company Infineon Technologies AG lost 3.4 percent. The company reported that its profit for the second quarter of 2022 climbed to 469 million euros from 203 million euros in the prior year.
Market Analysis
European Shares Retreat On Recession Worries
2022-05-09 09:25:19
