Friday, July 18, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Technology

Europe: Banks, energy stocks weigh on bourses; BMW tumbles

by Riah Marton
in Technology
Europe: Banks, energy stocks weigh on bourses; BMW tumbles
Share on FacebookShare on Twitter


EUROPEAN equity markets largely lost ground on Tuesday, weighed by bank and energy stocks as investors tread cautiously ahead of key US inflation data and an anticipated European Central Bank rate cut later in the week.

Shares of automaker BMW slumped 11 per cent, notching their worst day in over four years after the company cut its 2024 profit margin outlook due to sluggish demand in its key Chinese market and problems related to a braking system supplied by Continental.

Continental shares dropped 10.5 per cent.

“With China only getting tougher and BMW overexposed to China, and with H2 recovery expectations looking a bit optimistic, it remains tough to see the positive catalyst for BMW,” Citi analysts wrote in a note.

Bank stocks also fell sharply, tracking a selloff in US lenders with analysts citing downbeat comments from Goldman Sachs CEO David Solomon.

Deustche Bank dropped 4.91 per cent, and a European index tracking bank stocks lost 1.6 per cent.

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

The oil and gas sector also fell 1.6 per cent as Brent crude prices slipped below US$70 per barrel for the first time since December 2021.

The pan-European Stoxx 600 index fell 0.5 per cent, reversing gains from earlier in the day, with the automobile sector down 3.8 per cent and German stocks falling nearly 1 per cent.

Markets were uneasy ahead of Wednesday’s US inflation report, which could provide clarity on the size of the Federal Reserve’s rate cut when it meets next week.

The path for interest rates and economic growth in the world’s largest economy has largely set the tone for global markets over the past months.

In Europe, the ECB meets on Thursday and markets have fully priced in a 25 basis-point rate cut, though the policy path for the rest of this year remains more uncertain.

“The question for markets is what happens next,” analysts at ING said.

“(The ECB) downplaying the chance of an October cut and confining itself to quarterly steps on rates – at least for now – should act as a brake on the potential pace of easing.”

The rate-sensitive real estate sector was one of the few gainers on the Stoxx 600 index, rising 1.7 per cent.

On the economic front, data showed German inflation slowed to 2 per cent in August.

Among individual movers, Commerzbank closed down 2.4 per cent as the German government began to sell some of its shares, as previously announced. CEO Manfred Knof also said he would not seek another term after his contract ends in 2025.

Heavy-weight AstraZeneca shed 2.4 per cent after detailed study results showed its experimental lung cancer drug did not significantly improve patients’ overall survival results. REUTERS

Tags: BanksBMWEnergyEuropeonboursesStockstumblesWeigh
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

Next Post
Oil settles near 3-year low on weak demand outlook

Oil settles near 3-year low on weak demand outlook

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2024 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In