European Shares Tumble As Risk Appetite Wanes
European stocks tumbled on Thursday, as heightened concerns about China’s economic recovery and expectations for a more hawkish Federal Reserve sapped investors’ appetite for risk.
Investors were also reacting to mixed economic data from the region.
German factory orders advanced 6.4 percent on a monthly basis in May, following a 0.2 percent rise in April, data published by Destatis revealed.
Orders were expected to grow 1.5 percent after April’s initially estimated 0.4 percent drop.
Eurozone retail sales flatlined in May for the second month in a row, missing expectations of a 0.2 percent increase.
The pan European STOXX 600 fell 1.3 percent to 451.96 after declining 0.7 percent on Wednesday.
The German DAX dropped 1.1 percent, France’s CAC 40 shed 1.8 percent and the U.K.’s FTSE 100 was down 1.2 percent.
The dollar held slightly higher alongside Treasury yields ahead of the all-important U.S. jobs report due on Friday.
Carrier Norwegian Air Shuttle rallied 2 percent after passenger numbers rose in June both on month and on year.
Brenntag shares dropped about 1 percent. The German chemicals and ingredients distribution company said it would unveil the result of a strategic review later this year.
Aircraft maker Airbus fell about 1 percent in Paris. Reuters reported, citing industry sources that its deliveries increased by 6 percent in the first half of the year and the company is targeting 720 deliveries for the year.
Currys plunged more than 11 percent after the British electronics retail giant warned of reduced consumer spending.
Avation Plc shares plunged 7 percent. The commercial passenger aircraft leasing company said it expects lease revenue for the year-ended 30 June 2023 to be about U$90 million.
Financial services firm Just Group fell about 1 percent after appointing Mark Godson at its new CFO.
Oilfield services firm Hunting soared 22 percent after its first quarter core profit jumped more than threefold.
Hedge fund Man Group advanced 1.5 percent after it has agreed to buy a controlling interest in U.S. middle-market private credit manager Varagon Capital Partners for $183m.
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