European stocks close firmly lower on Wednesday as markets continued to assess the impact as geopolitical tension in the Middle East may have on energy prices and the outlook of European debt supply amid pledges of higher defense spending.
The Eurozone's STOXX 50 dropped 0.8% to close at 5,254 and the pan-European STOXX 600 dropped 0.7% to 537. NATO members agreed to increase defense spending to 5% of their GDP by 2030 during the ongoing summit in the Hague.
Food and beverage producers led the losses among main equity sectors of the Eurozone, with AB InBev and Danone dropping more than 3%. Banks were also down with BBVA, UniCredit, and Santander closing lower.
On the other hand, defense companies rose amid the improved outlook for defense spending, with Rheinmetall adding 3%. Also, Stellantis added 3% after receiving an upgrade from Jefferies.
Source : Trading Economics
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