{"id":10949,"date":"2023-11-08T06:49:10","date_gmt":"2023-11-08T06:49:10","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/european-shares-slip-after-strong-week\/"},"modified":"2023-11-08T06:49:11","modified_gmt":"2023-11-08T06:49:11","slug":"european-shares-slip-after-strong-week","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10949","title":{"rendered":"European shares slip after strong week"},"content":{"rendered":"
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\u00a9 Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 24, 2023. REUTERS\/Staff<\/span>
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By Ankika Biswas and Bansari Mayur Kamdar<\/p>\n

(Reuters) -European shares eased on Monday after the benchmark index posted its biggest weekly jump since March, with the real estate sector losing steam, while Ryanair jumped following a forecast for record annual profit.<\/p>\n

The pan-European index closed 0.2% lower after jumping more than 3% last week, as investors cheered a string of robust earnings and signs of an end to monetary policy tightening by major central banks.<\/p>\n

Fresh data showed the downturn in euro zone business activity accelerated last month, suggesting there is a growing chance of a recession in the 20-country currency union.<\/p>\n

The euro zone producer prices and retail sales data for September, due throughout the week, will also be scrutinized against the backdrop of waning price pressures.<\/p>\n

“While the markets were revising their estimates for when U.S. rates might start to get cut, economic data in the UK and Europe pointed to an even deeper economic malaise,” said Michael Hewson, chief market analyst at CMC Markets (LON:).<\/p>\n

Real estate stocks lost 2.9%, after emerging as the top sector performer last week.<\/p>\n

Meanwhile, Ryanair climbed 5.3% after Europe’s largest airline by passenger numbers forecast a record annual profit and promised a regular dividend payment, lifting the travel and leisure sector index up 0.6%.<\/p>\n

Telecom Italia <\/span><\/span> (BIT:) (TIM) fell 3.4%, after jumping as much as 5.4%, as the phone company’s board approved the sale of its fixed-line network to U.S. private equity firm KKR, sparking dissent from its leading shareholder Vivendi (OTC:).<\/p>\n

Melrose Industries rose 3.5% after the British aerospace supplier said its unit GKN (LON:) Aerospace Engines signed an agreement with GE Aerospace, expanding a long-term partnership.<\/p>\n

Evotec shed 6.3% after RBC downgraded the German biotech firm’s stock to “sector perform” from “outperform”.<\/p>\n

PostNL lost 12.6% after the Dutch postal company posted third-quarter results below expectations.<\/p>\n

Call-centre operator Teleperformance trimmed its full-year revenue growth target for the third time this year, sending shares 3.2% lower.<\/p>\n

Ireland-based Kingspan Group eased 5.3% after reporting sales of 6.14 billion euros ($6.59 billion) in the nine-month period to Sept. 30, compared to 6.25 billion euros in 2022.<\/p>\n

Investors will also keep an eye out for Italy’s credit rating review by Fitch Ratings on Friday.<\/p>\n

($1 = 0.9311 euros)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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