2023-05-23 17:09:32
European stocks
European stocks closed lower on Tuesday, affected by losses in shares of major luxury goods companies, weak data from the Swiss bank Julius Baer Wealth Management, in addition to investors’ anticipation of the impact of economic data released today on the region’s economy, and anticipation of the results of the US public debt ceiling crisis.
Data from the European Central Bank showed that the current account of the eurozone registered a surplus of 31 billion euros in March, compared to 24 billion euros in April.
The preliminary data issued by “Standard & Poor’s Global” showed that the composite purchasing managers’ index rose at 54.3 points, the highest level in thirteen months.
While the preliminary data for the eurozone showed, the composite PMI fell in May to its lowest level in three months at 53.3 points, driven by the decline in expectations of the services sector to its lowest level in two months and the decline in the manufacturing sector to its lowest level in 36 months.
Market movements
The pan-European Stoxx 600 index fell 0.6 percent, its biggest daily percentage loss in three weeks.
The index of luxury goods companies plunged 4.3 percent, its biggest daily loss since mid-December, as investors took profits following a sharp rise in the sector’s stocks amid signs of declining demand in the United States.
Julius Baer fell 7.4 percent, bottoming out on the STOXX 600 index, following the bank reported modest cash flows in the first four months of the year, disappointing investors who had expected it to benefit from Credit Suisse’s troubles.
European stocks
European stocks
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