European Stocks Close Lower as Investors Await Key Earnings; JDE Peet Jumps 16%
European markets closed lower on Monday as investors awaited key corporate earnings and monitored elevated Middle East tensions.
The pan-European Stoxx 600 closed down around 0.7%, with a majority of major bourses and almost all sectors in negative territory. Insurance stocks led the losses, down 1.1%, while oil and gas stocks rose 0.6%.
In corporate news, German software company SAP will report its highly anticipated third-quarter earnings on Monday evening. Investors are likely to scrutinize the results after a report from the Dutch semiconductor firm ASML last week triggered a rout in tech market stocks.
Looking at individual stocks, shares of JDE Peet’s rose more than over 16% Monday. It comes after investment holding company JAB said it would acquire Mondelez’s 86 million shares in the Netherlands-based company.
Regional markets had ended last week on a high note after the European Central Bank announced its third interest rate cut of the year. The ECB on Thursday lowered the deposit rate by another 25 basis points as inflation risks in the European Union are seen to be easing faster than anticipated.
Source: CNBC
