European Stocks Close Sharply Lower
European stocks closed sharply lower on Wednesday as energy prices rebounded and bond yields surged, hampering corporate earnings projections. The Euro STOXX 50 fell 1.6% to 6,175 and the STOXX Europe 600 lost 1.1% to 630. Benchmark 10-year yields in Italy jumped 10 bps and those in France surged 15 bps, despite a flat session for the German Bund, reinforcing concerns over fragmentation across eurozone sovereign bond markets. Fears of contagion weighed heavily on lenders. Deutsche Bank shares dropped 5%, while Intesa Sanpaolo, UniCredit, and BNP Paribas fell 4% each. Industrial giants also lost ground, with Siemens and Safran sliding 3% each, while Schneider dropped 2.3% to extend yesterday's slump as markets continued to assess the company's acquisition of PTC.
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European stocks closed sharply lower on Wednesday as energy prices rebounded and bond yields surged, hampering corporate earnings projections. 1% to 630. Benchmark 10-year yields in Italy jumped 10 bps and those in France surged 15 bps, despite a flat session for the German Bund, reinforcing concerns over fragmentation across eurozone sovereign bond markets. Fears of contagion weighed heavily on lenders.
Deutsche Bank shares dropped 5%, while Intesa Sanpaolo, UniCredit, and BNP Paribas fell 4% each. 3% to extend yesterday's slump as markets continued to assess the company's acquisition of PTC.