July 19, 2024

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European Stocks Close Broadly Lower Ahead Of ECB, SNB Policy Announcements

2 min read

European stocks closed broadly lower on Wednesday with investors continuing to follow the developments on the political front in Europe, and looking for fresh triggers from elsewhere.

The risk premium on French bonds held steady despite lingering worries about the country’s debt path and fiscal situation.

National Rally leader Jordan Bardella said he will not become prime minister if his party doesn’t get a resounding victory in France’s snap election.

Polls indicate Marine Le Pen’s party is best placed to become the largest group in the National Assembly, but projections show the party is set to fall short of an outright majority.

The Bank of England and the Swiss National Bank are scheduled to make their monetary policy announcements on Thursday.

With the U.S. market closed for the Juneteenth holiday, volumes are rather thin in European markets today.

The pan European Stoxx 600 ended down 0.17%. Germany’s DAX and France’s CAC 40 ended lower by 0.35% and 0.77%, respectively. The U.K.’s FTSE 100 gained 0.17%, and Switzerland’s SMI edged up 0.11%.

Among other markets in Europe, Austria, Denmark, Greece, Poland and Turkiye closed higher.

Finland, Netherlands, Portugal and Sweden ended weak, while Belgium, Iceland, Norway and Spain closed flat.

In the UK market, Smurfit Kappa Group climbed nearly 5%. Beazley, Hargreaves Lansdown, JD Sports Fashion, Anglo American, Centrica, Rolls-Royce Holdings and HSBC Holdings gained 0.9 to 2.3%.

Vodafone Group shares gained more than 1% after the telecom group sold an 18% stake in Indus Towers to repay debts

Berkeley Group Holdings tumbled more than 6%. Segro, Spirax Group, Persimmon, Barratt Developments, Taylor Wimpey, Scottish Mortgage, Land Securities, ICG, Burberry Group, Halma, Unite Group, Hikma Pharmaceuticals and Intertek Group lost 1 to 3%.

In the German market, Sartorius plunged more than 14%. Qiagen dropped 5.6%, Infineon ended down by about 3.6%, and Merck lost 3.1%. Bayer, Beiersdorf, Puma, Porsche, Symrise, Fresenius Medical…

2024-06-19 14:10:36

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