European Stocks Close Sharply Lower
European stocks closed sharply lower on Friday, tracking a negative session for global stocks as a worsening macroeconomic backdrop threatened earnings projections. The Euro STOXX 50 fell 1.5% to 6,229, its lowest in nearly two months, and the STOXX Europe 600 fell 1.2% to 635.3. Natural gas and fuel prices rebounded amid signs of escalation in the Iran war and Saudi Arabia's warning that it does not have enough oil supply for European refineries next month. Sovereign yields rose sharply amid consolidated bets that the European Central Bank will continue to raise interest rates. Credit sensitive sectors hence booked losses, with Santander, BNP Paribas, and Deutsche Bank slipping over 3% each. German automakers also dropped, with Mercedes Benz, Volkswagen, and BMW sliding 5% each. On the other hand, global respite for AI infrastructure stocks lifted ASML and Infineon by 1.5% and 2.5%, respectively.
European stocks closed sharply lower on Friday, tracking a negative session for global stocks as a worsening macroeconomic backdrop threatened earnings projections. 3. Natural gas and fuel prices rebounded amid signs of escalation in the Iran war and Saudi Arabia's warning that it does not have enough oil supply for European refineries next month. Sovereign yields rose sharply amid consolidated bets that the European Central Bank will continue to raise interest rates.
Credit sensitive sectors hence booked losses, with Santander, BNP Paribas, and Deutsche Bank slipping over 3% each. German automakers also dropped, with Mercedes Benz, Volkswagen, and BMW sliding 5% each. 5%, respectively.