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European indices decline after several days of growth

August, 21 2024
watermark Economic news

European stock indexes declined following the results of trading on Tuesday. Investors took profits after several sessions of growth. The Stoxx Europe 600 composite index lost 0.45%, reaching 512.27 points.


The most noticeable drop was recorded in the FTSE 100 (-1%), DAX (-0.35%) and FTSE MIB (-0.57%). The German market completed nine, the French — five, and the Italian — six consecutive growth sessions.


Published data showed an acceleration in inflation in the eurozone to 2.6%, but inflation in the service sector slowed to 4%. In Germany, producer prices decreased by 0.8% year-on-year.


Traders' attention this week is focused on the economic symposium in Jackson Hole, where the heads of the world's leading central banks traditionally gather.


Among individual companies, SalMar ASA became the leader of the decline (-7.4%), BT Group shares fell by 6.4% after the news of Sky's partnership with CityFibre.  Ocado Group lost 6% and JD Sports Fashion lost 4.4%.


The growth leader was Nibe Industrier AB (+2.4%). Embracer Group AB grew by 2.3%, and Nexans — by 2.1%.


Shares of major European banks and oil companies ended trading in the red. Pernod Ricard securities fell by 2.2% amid problems in the Chinese market.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.