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Tuesday, March 5, 2024

European equity markets closed lower

As a result of yesterday’s trading, stock markets in Europe fell, in the center of attention of investors – the annual economic symposium in Jackson Hole.

Investors are awaiting Friday’s speech by Federal Reserve Chairman Jerome Powell.

He may give hints as to when the US Central Bank intends to begin winding down the asset repurchase program, which now stands at $ 120 billion a month, CNBC notes.

However, there is a growing opinion among analysts that Powell will not give any obvious indications, writes The Wall Street Journal.

The composite index of the largest enterprises in the region Stoxx Europe 600 by the close of trading decreased by 0.32% and amounted to 470.34 points.

The British FTSE 100 index fell 0.35%, the French CAC 40 – 0.42%, the German DAX – 0.16%.

Spain’s IBEX 35 and Italy’s FTSE MIB fell 0.94% and 0.76%, respectively.

Deutsche Bank shares declined 2.3% on news of the audit of the asset management division of the DWS Group by the US Securities and Exchange Commission (SEC) due to information that the company exaggerated its use of ESG criteria in investments.

Meanwhile, the price of shares of the French media conglomerate Vivendi increased by 2.6% and is becoming the leader in growth.

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Vivendi, a subsidiary of Universal Music, has released a new forecast for 2021, according to which strong revenue growth is expected.

International Consolidated Airlines Group SA fell 1%. British Airways, a member of the group, said it is considering setting up a new short-haul division at London’s Gatwick Airport.

Business confidence in the French economy rose to 110 in August from a revised 109 in July, the national statistical office Insee said.

This is the maximum level in more than 3 years. Analysts did not expect the indicator to change, writes Trading Economics.

The leading index of consumer confidence in Germany, calculated by the research company GfK, dropped to minus 1.2 points in September from the revised minus 0.4 points in August.

Economists surveyed by Trading Economics predicted the value of the indicator at minus 0.7 points.

The EU is considering re-imposing restrictions on US tourists visiting European countries, Trading Economics reported.

Against this background, the pressure on the shares of the tourism business in Europe is growing.

TUI AG, a German travel company, is down 2.4% to rank second among the leaders in the fall in the Stoxx 600.

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