European Shares Decline On Rate, Growth Concerns
European stocks were moving lower on Wednesday as weak U.S. data stoked recession fears.
Upbeat German consumer confidence data as well as encouraging earnings updates from both Microsoft and Alphabet helped limit regional losses to some extent.
Survey results showed that German consumer sentiment is likely to pick up in May on the back of cooling energy prices and expected wage increases.
The forward-looking GfK institute’s consumer sentiment index improved to -25.7 from the revised prior reading of -29.3.
The pan European STOXX 600 was down 0.7 percent at 463.62 after declining 0.4 percent on Tuesday.
The German DAX dropped 0.6 percent, France’s CAC 40 shed 0.7 percent and the U.K.’s FTSE 100 was down 0.3 percent.
French software maker Dassault Systèmes SE plunged 7.4 percent despite reporting first-quarter results broadly in line with estimates.
Aero engine maker Safran fell 2.3 percent after warning of supply chain risks.
Telecoms giant Orange rallied 1.5 percent after reporting higher Q1 revenue and confirming its full-year outlook.
Food group Danone gained 1 percent after raising its 2023 sales outlook.
PUMA fell 2.6 percent after the German sportswear maker said it expects second-quarter sales to grow at a low- to mid-single-digit percentage rate.
Vonovia jumped 4.1 percent after the housing giant agreed to sell a minority stake in its Suedewo residential portfolio to U.S. investor Apollo for 1 billion euros ($1.10 billion).
Lender Standard Chartered rose half a percent in London after reporting a 21 percent rise in pre-tax profit, ahead of expectations.
Drug maker GSK dropped 1 percent despite posting better-than-expected first-quarter revenue and profit.
Housebuilder Persimmon jumped 5.3 percent after saying trading over recent weeks has offered some signs of encouragement.
Materials company CRH tumbled 3.8 percent after a warning that it expects a more challenging backdrop in Europe, driven by continued inflationary pressures and some slowdown in the new-build residential sector.
Source: Read Full Article