2023-09-26 08:19:00
© Archyde.com. Screens display data for the German DAX index at the Frankfurt Stock Exchange on Monday. Photography: Archyde.com.
(Archyde.com) – European stocks continued to decline on Tuesday, as high bond yields pressured the interest-rate-sensitive technology sector, while stocks exposed to China continued to weaken due to fears of a slowdown in the world’s second-largest economy.
The European index fell 0.7 percent by 0710 GMT, with the benchmark ten-year German government bond yield reaching its highest levels since 2011.
Technology stocks, whose valuations are under pressure as yields rise, fell by regarding 2 percent, leading sector losses.
Shares of real estate companies sensitive to interest rates fell 1.3 percent.
Shares of luxury companies exposed to China, such as Moët Hennessy Louis Vuitton (EPA:) (LVMH) and Richemont, fell by 1.5 percent and 2.5 percent, respectively, amid continuing concerns regarding the Chinese real estate sector, which was affected by the crisis.
Shares of Rio Tinto Group (LON:) fell 0.4 percent following its majority-owned uranium unit, Energy Resources of Australia, earlier in the day forecast material cost overruns and delays related to the rehabilitation of the Ranger mine in Australia’s Northern Territory.
(Prepared by Sameh Al-Khatib for the Arab Bulletin – Edited by Marwa Salam)
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