European stocks back off month high as US bonds rise

2021-10-18 12:14:19 GMT (Economies.com)
European stocks back off month high as US bonds rise

European stocks fell on Monday, on track for the first daily loss in 4 days, while pulling back from month highs, due to profit-taking, and investors' risk aversion due to rising US Treasury bond yields.

 

The Stoxx Europe 600 index fell more than 0.5% as of 11:10 GMT, after it closed higher by 0.75% on Friday, and hit the highest since September 17 at 469.52 points.

 

The pan European index gained 2.6% last week, the second straight weekly gain, thanks to upbeat Q3 earnings results.

 

The retail sector saw the largest loss in Europe today, with a drop of over 1.7%, as most of the sector's shares fell.

 

The 10-year US Treasury bond rose today by 3%, towards four-month highs, which dampens investors' risk appetite.

 

The Federal Reserve is expected to start trimming its bonds purchases program next month, with markets pricing a US rate hike in September 2022.

 

S&P 500 futures fell 0.4% today ahead of Wall Street's opening, after the index closed higher by 0.75% on Friday and posted a 1-month high.

 

Back to Europe, the Euro Stoxx 50 index fell 0.7%, France's CAC 40 fell 0.8%, Germany's DAX index fell 0.6%, and the UK's FTSE 100 fell more than 0.3%.

 
 
 
  Symbol Last Change Chg.%
1.1323
0.0053
0.4685%
1.3325
0.0015
0.1101%
Tadawul
10810.60
-60.02
0.55%
22.819
-0.226
0.979%
67.644
-4.757
6.570%
71.61
-1.83
2.49%
1792.985
7.895
0.442%
 
 
US
 
Europe
 
Asia