European Shares Decline Ahead Of Powell Remarks
2024-07-05
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(fxcue news) - European stocks declined on Tuesday, as investors reacted to a slew of disappointing corporate updates and looked ahead to a crucial testimony from Federal Reserve Chair Jerome Powell before a congressional panel for additional clues on the rate trajectory.
Traders also awaited comments from European Central Bank board (ECB) member Piero Cipollone for further direction.
The pan European STOXX 600 slipped 0.1 percent to 515.82 after ending flat with a negative bias on Monday.
The German DAX dipped 0.3 percent and France's CAC 40 shed 0.4 percent while the U.K.'s FTSE 100 was up 0.2 percent after Britain's finance minister Rachel Reeves set out plans to unblock infrastructure projects and private investment as part of a new "national mission" to drive economic growth.
In corporate news, Saint-Gobain fell 1.3 percent in Paris after announcing it has completed the acquisition of CSR.
Software company Dassault Systemes tumbled 3.5 percent after cutting its 2024 earnings target.
PageGroup shares slumped 6.2 percent in London after the recruiter warned that earnings this year will probably drop about 50 percent.
BP declined more than 3 percent. The energy giant has warned of "significantly lower" refining margins and flagged impairment of $1 billion to $2 billion on the value of a plant in Germany.
Drug maker Indivior plunged 42 percent to about three-year lows after a profit warning.
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