Europa begins the session dyed red. Credit Suisse is down more than 6%.
Europe started the session dyed red, marked by fear of an oncoming slowdown and investors’ nervousness with rising inflation. During the Wednesday session, the market is still preparing for Thursday’s European Central Bank meeting.
The Stoxx 600 continues to fall 0.25% to 441.79 points. Among the twenty sectors that make up the index, the financial services sector leads the declines, under heavy pressure from Credit Suisse shares, which fell more than 6% after the bank announced that it expects to record losses in the second quarter. On the other hand, travel, leisure and retail are driving the gains.
On the earnings front, Prosus’ bonds rose by about 5%, after China approved a series of video games produced by technology companies, indicating that it may ease its crackdown on the sector.
The European benchmark got off to a weak start in June, a month that usually underperforms, thus extending last month’s losses, as investors split between a potential recession, lowering risk sentiment, and cheaper stock valuations that enable “buy the dip” phenomenon. The market is concerned about the impact of higher prices on corporate earnings.
“Europe is one of the most attractive regions in the world,” explains Ulrich Urban, Head of Research at Berenberg. “Reviews [das ações] Importing again, in a less liquid oriented market. Investors also hope that inflation has already reached its peak.
In other European markets, only Amsterdam is sparkling, up 0.40% while Madrid is trading on the waterline, leaning more towards negative ground (-0.01%).
For its part, Frankfurt lost 0.26%, Paris fell 0.20% and London 0.16%, while Milan fell 0.37%. Here, Lisbon reverses the direction of the start of the session and plunges into the red, losing 0.21%.
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