Cars and real estate lead European stocks lower
The technology and travel sectors lift European stocks amid focus on inflation data
Shrouq
European stocks fell, led by the auto and real estate sectors
European stocks fell today, Thursday, December 21, 2023, after intense sales in the real estate and automobile sectors following a sharp selling wave in the previous Wall Street session, and investors are awaiting more economic data to sense clarity in indicators regarding global interest rates.
The European STOXX 600 index fell by about 0.3%, as it is on track to end gains that continued for two consecutive days, according to what Reuters reported.
European sales wave
In a widespread selling wave in European stock markets, the automobile and spare parts sector led the losses and fell by 0.3%. The real estate sector, which is highly sensitive to interest rates, also fell by 0.6%, and the telecommunications sector index fell by 0.2%.
As for company stocks, Swisscom shares fell 0.9% after a report stated that the telecommunications company is considering an offer for the Vodafone unit in Italy by next year.
On the contrary, Commerzbank shares topped the STOXX 600 index and rose 2.9% after receiving approval from the European Central Bank to buy back shares worth 600 million euros ($656.88 million).
European stocks rose
In contrast, European stocks rose December 19, 2023, according to Reuters, led by technology, travel and entertainment stocks, as investors prepare to read inflation in the euro zone to anticipate when interest rate cuts may begin next year.
The European STOXX 600 index rose 0.3%, after declining .
European stocks
Investors are now awaiting the final November inflation reading in the euro zone due during the day, while keeping an eye on US personal consumption spending data due this week.
This comes after the Federal Reserve's (US Central) tendency to ease monetary activity recently reinforced bets on the approaching interest rate cut, which led to strong gains in stocks globally, and UBS shares rose 1.6% after Cevyan Capital Investment Company acquired a stake. 1.3 percent in the bank.
Covestro shares advanced 2.4% after a report on the readiness of Abu Dhabi National Oil Company (ADNOC) to increase its offer to buy the German chemical company, and shares of the Norwegian energy group Equinor lost 1.6% after RBC lowered its rating on the stock.
