March 29, 2023

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European stocks fell from record highs after gaining eight sessions

European stocks fell from record highs after gaining eight sessions

© Reuters. Screen showing the movement of the German DAX index on the Frankfurt Stock Exchange on November 5, 2021. Image: Reuters.

(Reuters) – European stock markets fell from record highs on Tuesday, despite strong corporate profits and limited losses in hopes of an economic recovery, with investors expecting new signals from economic data this week.

The European index closed 0.2 percent lower at 482.71 points, close to its record high last week.

Insurance companies were the biggest losers as the index fell 0.8 percent.

Shares of banking stocks fell 0.9 percent, while shares of basic resource companies fell 1.1 percent as bond yields observed a decline.

In the first week of this month, the Stoxx 600 recorded gains in eight consecutive sessions and the French index and German index set new records, supported by strong corporate earnings and the European Central Bank’s compliance policy.

Investors are now waiting for inflation data in Germany and industrial output data in the region.

Retail stocks gained more in Tuesday’s session, with its index rising 1.2 percent, while the decline in bond yields helped real estate stocks rise 0.6 percent.

(Produced by Waqti Al-Alfi for the Arabic Bulletin)

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