Europe resumes losses as Banking and Auto stocks fall

2019-05-15 11:48:45 GMT (Economies.com)
Europe resumes losses as Banking and Auto stocks fall

European shares fell on morning trade on Wednesday to resume losses, which were temporarily halted yesterday as part of a rebound from two-month low, as the auto industry and the banking sector slumped on weak earnings reports after disappointing profits and revenues in the first quarter of this year.

 

As of 10:50 GMT, Stoxx Europe 600 fell more than 0.4%, and the index ended yesterday's session up by 1% to bounce back from a two-month low recorded in the previous session after China imposed retaliatory tariffs on US products.

 

Yesterday's rebound was supported by optimistic statements from the United States and China that have contributed to a relative easing of investor fears about the trade war raging between the world's two largest economies.

 

The Stoxx Europe Index fell Wednesday morning to resume its losses, which were suspended yesterday, with most major stock exchanges and sectors in the red zone.

 

The auto industry led the top losers in Europe with a drop of more than 1.5%, on Renault falling by 3% after Nissan released a weak earnings report, as the Japanese company is Renault's trading partner.

 

The banking sector also fell by more than 0.7% after some of Europe's major banks released disappointing results in the first quarter of this year.

 

ABN AMRO fell 1.8% after the Dutch bank reported a 20% drop in first-quarter net profit to 478 million euros. Crédit Agricole also fell 2.5% after it reported 11% drop in first-quarter net profit to 763 million euros.

 

S&P 500 futures fell more than 0.3%, while the index ended yesterday's session on Wall Street up 0.8%, rebounding from a seven-week low.

 

Euro Stoxx 50 index fell by 0.5%. while In France, the CAC 40 index fell by 0.4%. with Germany's DAX index losing 0.5%. and London's FTSE 100 index shedding 0.1%.

 
 
 
  Symbol Last Change Chg.%
1.1165
0.0002
0.0175%
1.2723
-0.0014
0.1091%
14.466
0.049
0.336%
63.172
0.491
0.784%
72.05
-0.16
0.22%
1277.780
0.015
0.001%
 
 
US
 
Europe
 
Asia