European Markets Stall Amid Mixed Sector Performances and Fed Anticipation
European shares were flat on Monday, as gains in technology and mining stocks were offset by losses in the automobile sector. Investors focused on upcoming comments from Federal Reserve officials and financial outlook revisions by companies like Porsche and Volkswagen, which affected market performances.
European stock markets experienced a day of stagnation on Monday. Losses in the auto sector balanced out gains in technology and mining, as investors keenly awaited comments from Federal Reserve officials scheduled for later in the day.
The pan-European STOXX 600 remained steady at 554 points as of 0813 GMT. Spanish stocks underperformed relative to other regional markets, dropping 0.7%. Germany's luxury carmaker Porsche saw a significant decline of 6%, following a reduction in its profit outlook for 2025 due to dwindling demand for electric vehicles.
The automotive industry wasn't the only sector affected. Financial stocks and euro zone banks also experienced dips, highlighted by Spain's Sabadell dropping 3.3% after a bid increase by BBVA. Conversely, technology stocks saw gains alongside European miners, with Fresnillo leading the charge thanks to rising gold prices. Investors also await insights from five Fed officials, including Chair Jerome Powell, assessing the impact of recent interest rate adjustments.
(With inputs from agencies.)
Google News