European Stocks Down at Week Start
The STOXX 50 and STOXX 600 started the week lower, both down around 0.4%, as rising bond yields and diminishing expectations of a Fed rate cut weighed on sentiment.
Concerns over Europe’s sluggish economic outlook and the ongoing UK crisis also dampened sentiment.
The biggest decliners included SAP (-1%), ASML Holding (-2.2%), Hermes (-0.9%), Linde (-1.4%), and Inditex (-1.4%).
In contrast, oil and gas stocks outperformed, boosted by rising oil prices following fresh US sanctions on Russia, while the auto sector also gained. Top performers included Shell (+1.1%), BP (+1.5%), Repsol (+2.3%), Mercedes-Benz (+1.4%), and Volkswagen (+1.4%).
Source: Trading Economics