Corporate earnings, Wall Street selloff
The Unilever headquarter building seen by the Nieuwe Maas river in Rotterdam.
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LONDON — European markets closed lower Thursday, with a flurry of corporate earnings and a selloff on Wall Street in focus.
The regional Stoxx 600 closed down 0.72%, with technology stocks weighing on the index, ending the session down 2.75%.
European markets
TICKERCOMPANYPRICECHANGE%CHANGE.FTSEFTSE 1008,292.35+6.64+0.08%.GDAXIDAX18,320.67UNCHUNCH.FCHICAC 40 Index7,443.84UNCHUNCH.FTMIBFTSE MIB 33,640.83-171.61-0.51%.IBEXIBEX 35 Idx11,117.80UNCHUNCH
“Markets saw a massive slump yesterday, as the combination of weak earnings and poor data hit investor sentiment,” Deutsche Bank strategists said in a Thursday note.
“That led to some very big losses, with the Magnificent 7 (-5.88%) posting its worst day since September 2022, leaving it in technical correction territory after falling over -10% from its record just two weeks earlier.”
Data mainly came stateside Thursday, as gross domestic product for the second quarter grew by a stronger-than-expected 2.8%.
Asia-Pacific stocks were pulled down by the global action. Japan’s Nikkei 225 dropped 3%, while the yen strengthened against the U.S. dollar after Reuters reported that the Bank of Japan is expected to discuss a rate hike at its monetary policy meeting next week.
This article was originally published by a www.cnbc.com
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