Wednesday, February 28, 2024

By Reuters European shares fall on declines in mining and energy companies


© Reuters. The German DAX index on the Frankfurt Stock Exchange on Dec. 1, 2023 in a Reuters photo.

(Reuters) – European shares fell on Monday after strong gains, driven by challenges heightened by interest rate cuts, as mining and energy stocks fell on weaker commodity prices.

The European STOXX 600 index was down 0.1 percent by 0810 GMT, after hitting a four-month high on Friday, notching a third straight week of gains.

Mining shares fell 1.9 percent as a U.S. rally weighed on copper prices, while energy shares fell 1.4 percent as oil fell, amid continued pressure from the OPEC+ decision and uncertainty over growth in global demand for the fuel.

Federal Reserve Chairman Jerome Powell’s comments on Friday reinforced market expectations that key interest rates in the US had peaked.

Investors this week look to data for the region on PMI, producer prices, retail sales and gross domestic product, looking for clues about inflation and economic expectations.

Hoffman-La Roche shares rose 1.7 percent after agreeing to buy biotechnology development company Carmot Therapeutics for $2.7 billion.

Shares in Rolls-Royce ( LON: ) rose 3.7 percent after JP Morgan raised its rating on the engineering firm’s stock to an “overweight portfolio” recommendation from “neutral.”

(Prepared by Sameh Al-Khatib for Arabic Bulletin – Editing by Soha Zadow)

See also  Oil prices continue to fall due to warnings of global demand
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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