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Europe close: Stocks dip taking cue from Wall Street

By Alexander Bueso

Date: Wednesday 24 Apr 2024

Europe close: Stocks dip taking cue from Wall Street

(Sharecast News) - European shares recorded slight losses on Wednesday with investors seemingly taking their cue from a weak start to the session in the States amid the latest raft of company results.
The pan-European Stoxx 600 index was off by 0.43% at 505.61 by the end of trading.

Germany's Dax meanwhile dipped 0.27% to 18,088.70, alongside an identical move lower for the FTSE Mib to 34,217.12.

Cautious remarks from the head of Germany's central bank also weighed on investor sentiment.

Joachim Nagel, president of Germany's Bundesbank, said that he would support a rate cut in June, if upcoming economic data increases the ECB's confidence that inflation would soon return back to the 2% target.

"I am not fully convinced yet that inflation will actually return to target in a timely and sustained manner," he told a DZ Bank Capital Markets conference.

US tech giant was due to publish its first quarter results on Wednesday night, followed by Microsoft the next day, while key U.S. price data would be published on Friday.

In equity news, Evotec shares were down 34% to six-year lows after the company said demand and the economic climate would only improve by the end of 2024 outlook.

Kering shares slumped 7% as the luxury goods firm forecast a 40-45% plunge in first-half operating profit.

Elsewhere, computer chip supplier ASMI gained as it raised its second-quarter revenue forecast, citing stronger-than-expected Chinese demand and higher sales in advanced logic and memory.

Volvo Cars ended flat despite the Swedish automaker posting a rise in adjusted operating earnings, helped by lower material costs and higher volumes.

Allfunds plunged 11% on reports the fund distribution company abandoned discussions over a potential sale.


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