European stocks decline after three days of gains. HelloFresh is falling apart

European stocks decline after three days of gains.  HelloFresh is falling apart

The European benchmark index fell on Thursday, under pressure from stocks in the energy sector, after a series of three positive days due to hopes that monetary policy tightening has reached its peak as well as possible interest rate cuts.

The European Stoxx 600 index closed 0.72% lower at 451.27 points, after rising 2.5% in the past three days and reaching its highest level in more than a month on Wednesday.

During the week, inflation data from the US and the UK reinforced expectations that the two countries’ central banks have already finished raising interest rates. Investors turn their focus to the euro zone inflation reading on Friday.

“There is a bit of profit-taking taking place in the wake of the euphoria after lower-than-expected inflation has led to significant optimism that interest rate cuts may come sooner,” said Susanna Streeter, head of money and markets at Hargreaves Lansdowne.

“Furthermore, clouds have been gathering over the eurozone economy for some time, with Germany in particular facing a slowdown.”

Energy stocks led sectoral declines, falling 2.7%, tracking the impact of weak crude oil prices due to indications of increased supply in the United States and expectations of weak energy demand in China.

The luxury goods sector declined 1.5%.

Hello Fresh shares fell 22.4 percent to the bottom of the STOXX 600 index after the German meal kit maker lowered its annual profit forecast and lowered revenue growth guidance.

In London, the Financial Times Index fell by 1.01% to 7,410.97 points.

In Frankfurt, the DAX index rose 0.24% to 15,786.61 points.

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In Paris, the CAC 40 index fell by 0.57% to 7,168.40 points.

In Milan, the Ftse/Mib index fell by 0.71% to 29,258.10 points.

In Madrid, the Ibex-35 index recorded an increase of 0.28%, to 9667.40 points.

In Lisbon, the PSI20 index fell by 0.81% to 6,247.63 points.

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