2 Minutes by Reuters Staff Read (Click LIVE/ or type LIVE/ in a news window for a Reuters live blog on U.S., UK, and European financial markets.) Reuters, July 8 – European equities slumped on Thursday, with cyclical stocks like miners, automakers, and banks leading the way lower, as global sentiment worsened on concerns about the economy’s recovery. After Asian markets sank on concerns about China’s recovery and greater restrictions on technology companies, the pan-European STOXX 600 index fell 0.7 percent by 0711 GMT. Interest rate-sensitive banking stocks slumped in Europe as government bond rates continued to fall. The euro zone bank index fell 1.5 percent as interest rates fell, reducing profit margins. Miners and automakers both lost more than 1% of their value. Hella, a German automotive lighting firm, fell 1.5 percent after Knorr-Bremse, a brakes manufacturer, abandoned plans to buy a 60 percent share in the company. Knorr-stock Bremse’s increased by 8.5 percent. Teamviewer, a remote connectivity software company, fell 9.4% after announcing weaker-than-expected billings growth in the second quarter. Deliveroo increased 2.3 percent in the United Kingdom after reporting an 88 percent increase in orders in the June quarter. (Bengaluru-based reporter Sruthi Shankar contributed to this report; Uttaresh.V edited it.)/n
Read More
