European stocks retreats from record highs on profit-taking

2020-02-20 14:34:01 GMT (Economies.com)
European stocks retreats from record highs on profit-taking

European stocks fell on Thursday, to pull back from all-time highs on profit-taking, amid a risk-off move due to disappointing corporate business reports for the fourth quarter of 2019.

 

The Stoxx Europe 600 index was lower by 0.3% at 11:25 GMT, after it closed higher by 0.8% and hit its all-time high of 433.20 points, following news about a slowdown in coronavirus infections in China.

 

The index opened today's session lower, to pull back from all-time highs on profit-taking, with most of the major European exchanges and sectors falling today.

 

The insurance sector saw the largest losses in Europe today, dropping more than 1.2%, as most of the sector's shares fell.

 

The Swedish company Elekta shares shed more than 10%, after the medical devices manufacturer revealed lower than expected earning in Q4 2019, as orders from the US fell.

 

Telefonica stocks also lost 4.5%, as the company reported net loss during Q4 2019, and Swiss Re stocks lost more than 4% after reporting less than expected earnings in 2019.

 

S&P 500 futures fell 0.2% today, after the index closed higher by 0.5% yesterday at Wall Street, and reached its all time high of 3,393.52 points.

 

Back to Europe, the Euro Stoxx 50 index lost 0.3%, France's CAC 40 fell by 0.2%, and the German DAX lost 0.1%, to pullback from its all-time high of 13,795.24 points.

 

While the UK's FTSE 100 rose by 0.1%., as the British pound fell to its 3-month low against the US dollar, which comes in favour of exports companies.

 
 
 
  Symbol Last Change Chg.%
1.1135
0.0430
4.0163%
1.2455
0.0809
6.9509%
Tadawul
6376.62
49.70
0.79%
14.446
1.863
14.810%
21.828
-1.600
6.830%
24.84
-1.50
5.69%
1620.150
122.735
8.197%
 
 
US
 
Europe
 
Asia