European Markets Close Lower as Global Bond Yields Rise; U.S. Dollar Hits Two-Year High
All major European stock markets fell on Monday amid rising government bond yields and a surging U.S. dollar.
The pan-European Stoxx 600 index ended the day 0.55% lower, with most sectors in negative territory.
It’s the second day of losses for investors in the FTSE 100 and CAC 40 while Germany’s DAX has fallen for four consecutive days in a row.
The Netherlands-headquartered Redcare Pharmacy was among the biggest losers for the day. The company’s shares lost nearly a tenth of their value after German retailer dm-drogerie markt last week announced plans to become a competitor in the sector.
Early trading on Monday was driven in part by U.S. jobs data released last week that showed nonfarm payrolls were up by 256,000 last month — much more than the 155,000 forecast by economists polled by Dow Jones.
The data subdued sentiment among global markets as it raised concerns that the U.S. Federal Reserve would proceed with caution when it comes to further interest rate cuts.
Source : CNBC
