Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Europe retreats as BoE forecast hits London stocks

Published 08/06/2020, 03:27 PM
Updated 08/06/2020, 03:30 PM
© Reuters.

(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Aug 6 (Reuters) - European shares dipped on Thursday as
forecasts of a slower post-pandemic economic rebound in the UK
hit London stock markets, while disappointing quarterly updates
from Glencore and AXA weighed on broader sentiment.
The pan-European STOXX 600 index .STOXX slipped 0.4% by
0710 GMT, with London's FTSE 100 .FTSE falling 1.1%.
The more internationally-focussed UK stocks took a hit as
sterling rose after the Bank of England kept rates unchanged and
warned of possible risks from taking interest rates below zero.
GBP/
Mining group Glencore GLEN.L dropped 4.3% after it decided
to scrap its dividend to focus on lowering debt as the COVID-19
pandemic forced it to book a $3.2 billion impairment charge.
French insurer AXA AXAF.PA slipped 2.6% after it dropped
its 2020 earnings target and said it would not make additional
payouts to shareholders in the fourth quarter.
On the bright side, Adidas ADSGn.DE gained 3.5% as it
forecast a rebound in profits in the third quarter and
Lufthansa LHAG.DE jumped 4.8% even as said it does not expect
air travel demand to return to pre-crisis levels before 2024.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.