European stocks closed lower Thursday, April 29th, despite banks’ highs in 14 months thanks to strong quarterly earnings, as rising Eurozone bond yields prompted some investors to sell for profit after reaching near-record levels.<\/p>\n\n\n\n
The pan-European STOXX 600 index fell 0.3% to 438.77 points, far away from its record high of 443.61 points recorded last week.<\/p>\n\n\n\n
Traders attributed the decline to profit taking after “amazing results”.<\/p>\n\n\n\n
The Stokes 600 had climbed to record highs in anticipation of a strong results season, as well as optimism about the Corona vaccination program.<\/p>\n\n\n\n
Banking stocks were the best performers today, after Standard Chartered made its contribution to a series of strong results reports this week, which included names such as HSBC and Santander.<\/p>\n\n\n\n
The sector was supported by a jump in Eurozone bond yields, after better-than-expected data for US growth and German inflation, which enhances the chances of reducing the stimulus provided by central banks.<\/p>\n\n\n\n
And US Treasury yields also rose to their peak in two weeks.<\/p>\n\n\n\n
But the rise in yields put pressure on other European sectors, especially cycle-related stocks, which rose this year.<\/p>\n\n\n\n
Shares of travel and entertainment companies, the best performer in Europe this year, fell 0.7%, to fall from record highs.<\/p>\n\n\n\n
Auto stocks led to today’s losses, with the sector index dropping 2.6% after US Ford said that the global semiconductor shortage could cut second-quarter production by half.<\/p>\n","protected":false},"excerpt":{"rendered":"
European stocks closed lower Thursday, April 29th, despite banks’ highs in 14 months thanks to strong quarterly earnings, as rising Eurozone bond yields prompted some investors to sell for profit after reaching near-record levels. The pan-European STOXX 600 index fell 0.3% to 438.77 points, far away from its record high of 443.61 points recorded last …<\/p>\n","protected":false},"author":9,"featured_media":31146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[6864],"class_list":["post-45152","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-european-stocks"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/45152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=45152"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/45152\/revisions"}],"predecessor-version":[{"id":45153,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/45152\/revisions\/45153"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31146"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=45152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=45152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=45152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}