European stocks dipped on Monday, snapping a five-week winning streak, as a surprise U.S. credit rating downgrade and weak economic data from China weighed on investor sentiment.
The pan-European STOXX 600 index was down 0.5% by 0725 GMT, retreating from seven-week highs touched on Friday.
U.S. stock index futures fell more than 1% and longer-dated U.S. Treasury yields rose after credit rating agency Moody's cut its ratings on the country's debt, citing concerns about the nation's growing $36 trillion debt pile.
Euro zone government bond yields also edged higher. [GVD/EUR]
Meanwhile, luxury stocks declined after April retail sales data from China missed expectations. Hermes, Burberry (LON:BRBY) and Moncler each dropped about 2% as European luxury firms count on China as a big market for their products.
Shares of BNP Paribas (OTC:BNPQY) rose 2.4% after the French bank announced a share buyback plan worth 1.08 billion euros ($1.21 billion).
Source: Investing.com
Tested EN...
Asian stock markets weakened for the second consecutive day, indicating that the initial rally that had been "speedy" at the start of the year is starting to lose steam. At the same time, US governmen...
US stocks were mixed on Wednesday as investors weighed uneven economic data against expectations for eventual Federal Reserve easing, with the S&P 500 easing 0.2% and the Dow Jones sliding 0.8% fr...
European stocks were in mixed territory on Wednesday morning, as regional market jitters grow over U.S. President Donald Trump's threat to annex Greenland. The pan-European Stoxx 600 was little chang...
Asian stock markets weakened slightly on Wednesday after posting their best start to the year in history. The decline was driven by a decline in Japanese stocks amid escalating tensions with China. Th...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...