Europe close: Stocks retreat from seven-week high
By Benjamin Chiou
Date: Tuesday 10 Dec 2024
(Sharecast News) - European stocks snapped an eight-day winning streak on Tuesday after a flat start on Wall Street, with investors taking money off the table following recent highs.
The Stoxx Europe 600 index finished 0.5% lower at 518.49, with heavy falls in London (-0.9%) and Paris (-1.1%) tempered slightly be more moderate losses elsewhere.
The pan-European benchmark was retreating after eight straight days of gains which sent it to its highest since 21 October on Monday.
"There's been little sign of the hoped-for 'Santa rally' across markets today," said Danni Hewson, head of financial analysis at AJ Bell.
"Wall Street continues to be distracted ahead of tomorrow's inflation data and European markets gave up the gains made as yesterday's China glow petered out amid concern that investors had got a bit overexcited with the expectation new stimulus might drag the country out of its economic malaise," Hewson said.
Chinese officials on Monday pledged to ramp up stimulus measure to spur growth next year after a weak inflation readout. However, the latest trade data showed a rapid slowdown in export growth during November - to 6.7% from 12.7% in October - while imports unexpectedly contracted by 3.9%.
Elsewhere, German inflation was confirmed at 2.2% last month, marking a rise from October's 2%. Energy prices fell by 3.7% compared with the previous year, while food prices rose by 1.8% year-on-year in November.
Market movers
Shares in London's Ashtead plunged 14% as the equipment hire group warned on profits and said it was moving its listing to the US. The company downgraded its full-year rental revenue growth forecast to between 3% and 5%, citing weaker US construction market dynamics.
Westfield mall owner Unibail-Rodamo-Westfield fell after a shareholder sold shares in a secondary accelerated bookbuild.
TeamViewer tanked as the remote-working software maker said it was buying Carlyle-backed 1E for $720m
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