crashteamracingnitrofueledps4| European stock markets fall to stop for longest consecutive gains since 2021
editor 2024-05-17 04:25:56 Home 36
European stock markets stop their longest consecutive gains since 2021crashteamracingnitrofueledps4Investor sentiment triggered by cooling inflation in the United Statescrashteamracingnitrofueledps4Calm down in the rally.
The Stoxx 600 index closed down 0crashteamracingnitrofueledps4.21%, stopping nine consecutive gains. Automotive, industrial products and energy stocks led the decline, with Siemens shares falling after the company said weak demand from China was a drag on orders.
Meanwhile, Roche Holdings rose after the Swiss pharmaceutical company said experimental drugs under development to treat obesity and type 2 diabetes had achieved positive results in the early stages.
Swiss Re shares rose after reporting solid earnings. Shares of Watches of Swiss Plc also rose sharply after reporting faster-than-expected revenue growth.
Renewed expectations for the Federal Reserve to cut interest rates helped European stock markets rebound in April. But some investors said stocks showed they had fully absorbed the interest rate outlook.
"We're kind of in 'sell good news' mode, and let's face it, U.S. inflation is falling mainly because growth is slowing," said Alexandre Hezez, chief investment officer at Group Richelieu.