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Shares In Europe Drop as Miners, Banks Lead Declines

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icon 10/01/24
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Shares In Europe Drop as Miners, Banks Lead Declines

On Tuesday European shares dropped in a wide decline, as investors moved to a risk-off mood with government bond yields rising across Europe, although rising heavyweight healthcare stocks helped trim some losses.

The STOXX 600 pan-European closed down 0.2% and stalled after gaining close to 0.4% in the prior session as government bond yields on Tuesday rose across the continent.

Sectoral declines were led by basic resources which dropped 1.4%, while banks fell 0.8%, breaking a 3-day winning streak.

Trimming losses, healthcare stocks gained for a second straight day, rising 0.7% to hover at a close to 17-week high reached in the prior session.

According to LSEG data, healthcare stocks make up over 15% of the European benchmark index.

Stocks that on Tuesday made the headlines included the Spanish drugmaker Grifols, which dropped 25.9% after its accounting was questioned by hedge fund Gotham City Research. The firm denied any wrongdoing.

On the data front, the November German industrial production fell unexpectedly from the prior month, marking the sixth straight monthly decline.

Germany’s DAX 40 ended down 0.2%, while the German 10-year government bond’s yield was at 2.188%.

Another report showed the eurozone unemployment rate fell unexpectedly to 6.4% in November, versus estimates of 6.5%.

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