Stock price information is reflected in a window at the Euronext NV stock exchange in Paris, France, Monday, March 13, 2023.
Nathan Laine Bloomberg Getty Images
European markets were lower Tuesday, thanks to positive momentum over the past few days.
The Pan-European Stoxx 600 was down 0.26% at 2:10 pm London time, with all major exchanges and most sectors in the red. Mining stocks lost 2.3% while healthcare was the biggest gainer, adding 0.9%.
Banking shares shed 1.7%, with Italy UniCredit and Spain BBVA both lost more than 4%, as investors look ahead to the latest interest rate decision of the European Central Bank later this week.
Shares of Maersk, meanwhile, climbed to the top of the benchmark, adding 2.1% before dipping slightly, after the Danish shipping giant raised its full-year profit guidance on strong market demand and continued disruption of the Red Sea.
The ECB is expected to cut interest rates for the first time since 2019 when policymakers meet on Thursday, but investors will be watching closely to see whether the slightly higher-than-expected euro zone inflation print released on Friday will affect the bank’s decision. will come
On the data front, German unemployment rose more than expected in May, dashing hopes of a recovery in Europe’s biggest economy. The number of unemployed rose by 25,000 in seasonally adjusted terms, the Federal Labor Agency said on Tuesday, above the figure of 10,000 predicted by Reuters.
Overnight in the Asia-Pacific region, Indian stocks fell to lead regional markets lower as the country began counting votes for the 2024 general election.
The world’s most populous country began counting votes at 8 a.m. local time, with Prime Minister Narendra Modi projected to win a rare third consecutive victory according to opinion polls.
U.S. stock futures were little changed on Monday afternoon as Wall Street appeared to be finding its feet after an uneven start to the month.
