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European Shares Decline On Growth Concerns

stockmarkets aug16 05jul22 lt

European stocks fell on Tuesday after a survey showed business growth across the euro zone slowed further last month, partly due to inflationary pressures.

Signs of a flare-up in COVID-19 cases in China also added to global growth worries and offset signs of an easing in U.S.-Sino tensions.

The pan European Stoxx 600 dropped 0.8 percent to 406.26 after rising half a percent on Monday.

The German DAX fell 1.1 percent, France's CAC 40 index declined 1.2 percent and the U.K.'s FTSE 100 was down 1.3 percent.

Scandinavian airline SAS slumped 14 percent after it applied for bankruptcy in the United States to help accelerate restructuring plans.

French wine and spirits company Remy Cointreau jumped more than 4 percent after Jefferies upgraded the stock to "buy" from "hold".

German online food-delivery service Delivery Hero SE gained 1 percent. The company said it has successfully taken all closing actions for the transaction in relation to GlovoApp23 S.A.

Deutsche Post DHL fell about 1 percent. The package delivery and supply chain management company said that its division, DHL eCommerce Solutions, is investing 560 million euros across its UK ecommerce operation- DHL Parcel UK.

British supermarket chain J Sainsbury rallied 1.2 percent after confirming its full-year outlook.

B&M European Value Retail S.A. declined 1.5 percent. The convenience retailer has appointed Mike Schmidt as its next chief financial officer.

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