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European stock markets close in the red on Monday

European stock markets close in the red on Monday

Major European stock markets followed the lead of Chinese stock markets and closed lower on Monday, fearing inflation and a resurgence of the epidemic as the corporate earnings season begins.

 

In many places in China, signs of a resurgent epidemic are reappearing, such as in Macau where the city began its first lockdown since the start of the pandemic on Monday.

 

These fears due to the epidemic crisis have therefore directly affected the economy and the country’s main stock exchanges. Hong Kong fell by 2.77% and Shanghai by 1.27% on Monday.

 

Tokyo swam against the tide and gained 1.11%, after the senatorial elections that reinforced the ruling coalition.

 

In the West, after a week of gains, the main European stock markets closed lower. Paris lost 0.61% and Frankfurt 1.40%. Only London managed to survive by finishing stable.

 

Watchful of global inflation rates and the risks of seeing tensions in the energy market foster a recession, European stock markets should expect that “corporate earnings should continue to influence market sentiment, as many traders will be on the lookout for new signs of recession,” said Pierre Veyret, analyst at ActiveTrade.

 

The same is true of the heavyweights, with luxury stocks posting a decline at the opening on Monday 11 July. LVMH gave up 2.77%, Kering 2.27% and Hermes 1.21%.

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With the New York Stock Exchange due to open in the evening, Wall Street is heading for a lower opening, between 0.55 and 0.95% for the three main American indices.

 

 

Read also >  WORLD STOCK MARKETS RECORDED ONE OF THE WORST HALF-YEARS IN THEIR HISTORY

Featured photo : © Euronext

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