The Red Sea is taking over Europe. Siemens drops more than 4%
Europe started the day in the red as risk appetite weakens for fear of a future economic slowdown driven by inflation and rising interest rates.
The Stoxx 600 continues to decline 1.73 percent after starting to fall more than 2 percent. Of the 20 sectors that make up the European benchmark, losses are mining and consumer goods, while telecommunications are driven by profits.
The European benchmark index is thus heading for its fifth loss week, the longest series in negative territory since the beginning of February.
In other European markets, the Spanish IBEX fell 0.75%, the German DAX 1.48% and the French CAC 40 1.83%. The drop was 1.79 per cent in London and 1.05 per cent in Milan. Amsterdam leads losses by 2.29 per cent, while here Lisbon is following the trend with a devaluation of 1.29 per cent.
The most important market movements are the Siemens share, which fell by 4.54% after the technology company reported a decline in earnings until March due to a loss of EUR 600 million caused by sanctions imposed by the West on Russia.
Telefónica rose 1.70% after surpassing analysts’ first-quarter results, while BT Group added 2.89% after announcing an agreement to sell the TV unit to producer Warner Bros.
The bloc’s main markets thus followed the closing trend of the Asia-Wall Street session, reacting downwards to the release of U.S. inflation data, which showed a slowdown from 8.5 per cent in March to 8.3 per cent in April, a negligible decline. , compared to the expectations of economists.