European markets

European markets mostly lower as investors track China property woes, earnings

European stocks fell slightly on Thursday as investors followed a series of corporate profits and concerns over Chinese real estate regained.

The Pan-European Stocks 600 fell 0.2% late in the morning, miners fell 3.1% and household goods rose 0.9% due to the loss of real estate in China.

A weak start in Europe comes after the market became nervous overnight in the Asia Pacific region when investors followed the shares of Hong Kong developer China Evergrande Group.

Evergrande shares fell more than 12% on Thursday and were trading again after a break that lasted more than two weeks.

The debtor announced late Wednesday that it had bankrupted a deal to sell a 50.1% stake in real estate services to another developer, Hopson.

The US market rose on Wednesday, with the Dow Jones Industrial Average rising to a record high as investor sentiment was boosted by higher-than-expected earnings reports and new Bitcoin records. However, US stock futures fell slightly in early Thursday trading.

Markets have faced several challenges in recent months, from rising Covid Deltas and supply chain disruptions to the elimination of stimulus and the Federal Reserve, which reports reports of rising inflation. Thursday was a busy day for earnings in Europe, with Hermes, L’Oreal and Pernod Ricard reporting their latest sales. Vivendi, Eurotunnel, Daimler, SAP, Randstad, ABB, Unilever and Rentokil also reported early rings.

Barclays achieved better-than-expected earnings in the third quarter of Thursday after Wall Street rivals received significant backing from the investment banking sector. Stock prices fell 0.7% late in the morning. French semiconductor materials company Soitec is the head of the Stoxx600, up 6.8% after raising the level of activity and raising its annual forecast of strong performance. Swiss online pharmacy Zur Rose Group is at the bottom of Europe’s highest index, declining 7.8% after losing third-quarter sales forecasts and reducing leads.

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