Major European markets close weak

stock market
stock market

European markets ended notably lower on Tuesday following a sell-off in shares of technology firms and several top name companies from other sectors due to concerns about valuation.

Also, despite optimism about economic recovery and some fairly upbeat earnings reports, the mood was cautious due to rising worries about a surge in coronavirus cases in several countries.

The pan European Stoxx 600 slid 1.43 per cent. Briain’s FTSE 100 shed 0.67 per cent, Germany’s DAX declined 2.49 per cent, France’s CAC 40 lost 0.89 per cent, and Switzerland’s SMI ended 1.33 per cent down.

In London, ICP, Ocado Group, Pearson, 3i Group, Aveva Group, Scottish Mortgage, Flutter Entertainment, Weir Group, Taylor Wimpey, Hikma Pharmaceuticals, Rolls-Royce Holdings, Avast and Just Eat Takeaway shed 3 to 5 per cent.

Standard Life, Standard Chartered, Barclays Group, HSBC Holdings, Entain, Rentokil Initial, Melrose Industries and Barratt Developments also declined sharply.
In France, Bouygues declined nearly 5 per cent.

Airbus Group, Faurecia, Dassault Systemes, WorldLine, Societe Generale, STMicroElectronics and Renault lost 2 to 3 per cent, while Publicis Groupe, Vinci, Total, Unibail Rodamco and Technip moved higher.

Dassault Aviation shares rose sharply after Egypt’s defence ministry decided to purchase an additional 30 Rafale fighter jets to equip its force.

In the German market, Infineon Technologies tumbled nearly 6 per cent after it warned of continued bottlenecks in a manufacturing supply chain that is running at “full speed.”

Merck, Vonovia, Volkswagen, MTU Aero Engines, Thyssenkrupp, Siemens, SAP, Deutsche Bank, Deutsche Wohnen, Adidas, RWE, Daimler, Continental and BMW declined 2.5 to 5.2 per cent.

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