European stocks decline due to losses in the auto and real estate sectors

European stocks experienced a decline on Thursday, particularly within the real estate and auto sectors, following a sharp sell-off on Wall Street in the previous session. Investors, in anticipation of more economic data from the United States, sought additional indicators on the trajectory of global interest rates.

As of 0817 GMT, the European STOXX 600 index had decreased by 0.3 percent, potentially concluding a two-day streak of gains.

In a widespread market sell-off, the automobile and spare parts sector led losses with a 0.3 percent decline, while the real estate sector, known for its sensitivity to interest rates, experienced a 0.6 percent drop.

Attention now turns to the final estimates of US GDP in the third quarter and the weekly jobless claims report, both slated for later on Thursday. These releases are expected to provide further insights into the anticipated decisions from the US Central Bank concerning potential rate adjustments.

Regarding individual companies, Swisscom shares fell by 0.9 percent following reports that the telecommunications company is considering an offer for Vodafone’s unit in Italy early next year. Consequently, the telecommunications sector index saw a 0.2 percent decline.

Commerzbank shares stood out on the STOXX 600 index, recording a 2.9 percent rise after receiving approval from the European Central Bank for a share buyback program worth 600 million euros ($656.88 million).