Europe close: Stocks slip amid US recession worries
By Alexander Bueso
Date: Monday 10 Mar 2025
(Sharecast News) - European shares were down sharply on Monday, giving up early gains as worries over a possible US recession mounted in the wake of the February jobs report published the day before.
The pan-European Stoxx 600 was down 1.55% at 546.20. Germany's DAX was down 1.69% to 22,620.95.
France's Cac-40 ended the day off by 0.90% to 8,047.60.
"Hopes that Friday's late bounce for Wall Street would continue into the new week have been dashed as the S&P 500 falls to a six-month low," said IG chief market analyst Chris Beauchamp.
"Tech stocks continue to lead to the downside as investors, faced with growing policy uncertainty in the US, choose to dump their previous strong performers. Hopes of a bounce had been rising over the weekend, but it looks like the selling isn't over yet."
In economic news, German industrial production rose in January by 2% compared with the previous month, the federal statistics office said on Monday.
It cited sharp rises in the automotive, food and machine maintenance and assembly industries as the main drivers of the rise. A decrease in production in the manufacture of fabricated metal products had a negative effect.
In a separate release, the statistics office said January exports were down 2.5% and imports were up 1.2% on a calendar and seasonally adjusted basis compared with December 2024.
Based on provisional data exports decreased by 0.1% and imports rose by 8.7% compared with January 2024.
In equity news, Assura surged 14% after the UK healthcare real estate investment trust received an indicative, non-binding £1.61bn proposal from KKR and Stonepeak Partners.
Novo Nordisk shares fell 8% after the pharma giant released fresh trial results for its CagriSema developmental weight-loss drug.
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