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European Stocks Down

European Stocks Dip Upon Economic Uncertainty and Biomerieux’s Surge

Posted on April 9, 2024
Writer: James Miller

European markets experienced a slight decline on Tuesday, with investors on edge ahead of upcoming U.S. inflation data and a European Central Bank decision. Despite this, diagnostics company Biomerieux saw a jump following the announcement of its new strategic plan.

After a strong session on Monday, the pan-European STOXX 600 index fell by 0.2%. Maximilian Kunkel from UBS Global shared that European policymakers are optimistic but are adopting a wait-and-see approach, making an April rate cut unlikely.

In sector news, euro zone banks (.SX7E) remained stable after an ECB survey indicated ease in mortgage approval standards. Despite this, credit demand continues to drop due to substantial borrowing costs and a sluggish economy.

Meanwhile, the oil and gas sector, led by BP’s 1.8% rise, and the basic resources sector, buoyed by high Shanghai copper prices, both saw gains. However, Amplifon and Atos faced declines due to regulatory scrutiny and financial restructuring updates, respectively. Fincantieri’s shares surged after securing a deal to supply cruise ships to Norwegian Cruise Line.

Read the full article on Reuters for more details.

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