European stocks closed at their weakest levels in more than a month on Monday, as concerns about higher interest rates lasting longer and a slowdown in China’s economy dampened investor sentiment.
The European STOXX 600 index closed down 0.62 percent to 450.44 points, declining for the third session in a row. The Travel & Entertainment and Personal & Household Goods sectors fell more than 2% each, leading the sectoral declines.
Luxury stocks with exposure to China, such as LVMH and Kering, fell by 2.6% and 4.5%, respectively, on the back of continuing concerns about the growth of the country’s economy.
The mining sector fell 0.8% as metal prices weakened due to rising inventories and fears of a regime of higher global interest rates for a longer period. [MET/L]
Investors commented on a series of central bank decisions, in which the Fed adopted a “hawkish” tone, the European Central Bank signaled a pause in October, and the UK, Switzerland and Japan were surprisingly “dovish” (a dovish stance on inflation). ).
In London, the Financial Times Index fell by 0.78% to 7,623.99 points.
In Frankfurt, the DAX index fell 0.98% to 15,405.49 points.
In Paris, the CAC 40 index fell by 0.85% to 7,123.88 points.
In Milan, the Ftse/Mib index fell by 0.68% to 28,382.19 points.
In Madrid, the Ibex-35 index recorded a decline of 1.22% to 9,386.00 points.
In Lisbon, the PSI20 index fell by 0.79% to 6,119.62 points.
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