June 22, 2024

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European Shares Slip Into Red On China Concerns

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European stocks were subdued on Monday as investors awaited key economic data from the U.S., Europe and China this week for directional cues.

Growth worries returned to the fore after data showed profits at China’s industrial companies rose at a much slower pace in October than the prior month.

The pan European STOXX 600 was down 0.1 percent at 459.41 after gaining 0.3 percent on Friday.

The German DAX slipped 0.1 percent, France’s CAC 40 was marginally lower and the U.K.’s FTSE 100 dipped 0.3 percent.

Julius Baer fell over 1 percent on reports the Swiss wealth manager would review its private debt business.

Veolia Environnement SA, a water, waste, and energy management solutions provider, rose about 1 percent in Paris after it agreed to sell its unit SADE-CGTH to NGE, an independent public works group, for 260 million euros.

Valneva jumped 2.2 percent. The drug maker said the European Medicines Agency has accepted its application for chikungunya vaccine candidate VLA1553.

Likewise, Sanofi rose over 1 percent after announcing positive results of Dupixent (dupilumab) Phase 3 trial in chronic obstructive pulmonary disease or COPD.

BP Plc dropped 0.8 percent and Shell fell 1.2 percent in London as Bent prices fell toward $80 a barrel following reports of disputes among OPEC+ members on their production quotas next year.

Rightmove jumped nearly 7 percent after the property portal raised part of its revenue guidance for 2023.

GSK edged up slightly after announcing positive headline results from phase III trial evaluating its elantamab mafodotin asset.

Insurer Aviva was marginally lower after it agreed to buy Optiom from Novacap and other minority shareholders for around £100m.

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Market Analysis

2023-11-27 04:50:28

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