© Reuters. Screens display data for the German DAX index at the Frankfurt Stock Exchange on September 22. Photography: Reuters.
(Reuters) – European stocks began trading in the last week of the third quarter of the year with a decline, as investors became concerned about the tendency for interest rates to remain high for a longer period, and the weakness of shares of companies exposed to China pressured the index.
The European index fell 0.4 percent by 0704 GMT on Monday.
The German fell 0.3 percent as concerns grew about the conditions of the continent’s largest economy after the Environment Minister said that the government would indefinitely suspend plans for stricter insulation standards for buildings to help the faltering sector.
German stocks have the worst performance in the region so far this quarter, falling 3.9 percent compared to the 2.2 percent decline of the STOXX 600.
Luxury goods stocks exposed to China, such as LVMH, fell by 0.6 percent and Kering, by 2 percent, amid continuing concerns about growth in the second largest economy in the world.
But AstraZeneca (LON:) shares rose 0.9 percent after Jefferies issued a recommendation for the drug company’s stock to buy after it had been to hold.
(Prepared by Salma Najm for the Arabic Bulletin – Edited by Doaa Muhammad)
2023-09-25 08:23:00
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