European stocks back off 6-week high on profit-taking

2021-10-21 12:13:00 GMT (Economies.com)
European stocks back off 6-week high on profit-taking

European stocks fell on Thursday, pulling back from 6-week highs, on profit-taking and investors' risk aversion due to renewed concerns about the Chinese company Evergrande.

 

The Stoxx Europe 600 index fell more than 0.5% as of 10:55 GMT, after it closed higher by 0.3% yesterday, and hit the highest since September 8 at 470.43 points.

 

The mining sector saw the largest loss in Europe today, with a drop of over 1.5%, due to renewed concerns about the Chinese economy, the world's largest consumer of metals and commodities.

 

Evergrande shares fell over 12% today, after the resumption of trading on the stock following more than two weeks of suspension.

 

The debt-laden Chinese company announced on Wednesday that a deal to sell a 50.1% stake in its property services arm to Hobson had fallen through.

 

S&P 500 futures fell 0.2% today ahead of Wall Street's opening, after the index closed higher by 0.4% yesterday and posted a 7-week high of 4,540.87 points.

 

Back to Europe, the Euro Stoxx 50 index fell 0.4%, France's CAC 40 fell 0.5%, Germany's DAX index fell 0.3%, and the UK's FTSE 100 fell 0.6%.

 
 
 
  Symbol Last Change Chg.%
1.1309
0.0038
0.3403%
1.3319
0.0009
0.0706%
Tadawul
10810.60
-60.02
0.55%
22.934
-0.112
0.484%
69.487
-2.914
4.025%
73.74
0.30
0.41%
1792.375
7.285
0.408%
 
 
US
 
Europe
 
Asia