European stocks struggled on the last day of the month, in the first quarter, and in the first half of 2021, as bank and auto losses weighed heavily. As investors awaited Friday’s jobs report, U.S. market futures indicated to moderate increases. The Stoxx Europe 600 index SXXP, -0.62 percent fell 0.2 percent to 455.65 points. The index rose roughly 14% in the first half of the year, 6% in the second quarter, and 2% in the month. The German DAX DAX, -0.78 percent and the French CAC 40 PX1, -0.81 percent both lost roughly 0.2 percent, while the FTSE 100 index UKX, -0.63 percent dropped 0.5 percent.
As Friday’s important jobs report looms, stock futures ES00, -0.16% YM00, -0.30% NQ00, -0.03% forecast a stable start for Wall Street ahead of an ADP private-sector hiring report. The S& Moderna MRNA, a pharmaceutical company, said that their COVID-19 vaccination can protect against many variants, including the delta variant, in an in-vitro trial. Gross domestic product (GDP) of the United Kingdom declined 1.6 percent in the first quarter of 2021, compared to an early projection of 1.5 percent. GDP is now 8.8 percent lower than it was pre-pandemic in the fourth quarter of 2019 — down from an original estimate of 8.7 percent. Investors were anticipating a quick estimate of European consumer price inflation in June. The majority of European stocks were down, headed by banks, with shares of HSBC HSBC, -1.16 percent HSBA, -1.39 percent, BNP Paribas BNP, -2.24 percent, and Banco Santander SAN, -0.76 percent SAN, -1.68 percent all down about 1%. Automakers were also under pressure, with Porsche Automobil Holding PAH3, -4.22 percent down 2.9 percent and Volkswagen VOW3, -3.42 percent VOW, -3.46 percent down 2%. International Consolidated Airlines IAG, -2.15 percent, and Carnival CCL, -1.64 percent, both down 1.5 percent. Acciona Energia aimed for a market valuation of roughly 8.8 billion euros ($10.47 billion) in its first public offering, which was priced at the lower half of an expected range. The IPO will be priced at EUR26.73 per ordinary share, according to the renewable energy firm, which is owned by Spain’s Acciona SA ANA, -1.25 percent. Acciona’s stock dropped 0.5 percent.
Continue reading
