Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Europe's STOXX 600 ends lower, halting record rally; energy stocks slide

Stock MarketsNov 18, 2021 17:20
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 17, 2021. REUTERS/Staff

By Anisha Sircar and Shreyashi Sanyal

(Reuters) -European shares ended lower on Thursday, weighed by weakness in commodity-related stocks amid declining oil and metal prices, and breaking a record-breaking six-day rally fuelled by strong earnings.

The pan-European STOXX 600 index dropped 0.5%, its first fall in seven sessions, with energy stock and miners dropping about 2% each.

Oil stocks were hit by plunging crude prices on worries of a supply overhang and the prospect of China moving to release strategic fuel reserves, while miners slipped as copper prices fell to their lowest in more than a month. [O/R] [MET/L]

European stocks started the day on stable footing, with Germany's DAX, Switzerland's SMI and France's CAC 40 all touching record highs earlier in the session, but giving up those gains by the close.

Stronger-than-expected earnings season and accommodative monetary policy have helped drive the STOXX 600 to record highs recently. However, uncertainty has crept in about a resurgence in COVID-19 cases and the extent of lockdowns needed to curb the spread of the disease.

"Speculation over a Christmas lockdown in the UK does raise risks for stocks, but questions over how wide-reaching such measures would be does bring uncertainty over who the winners and losers would be in such an instance," said Joshua Mahony, senior market analyst at IG.

Latest Refinitiv data shows profits of companies listed on the STOXX 600 are expected to rise 60.4% in the third quarter to 103.6 billion euros ($117.2 billion) from a year earlier, a dip from last week's 60.7% estimate.

"The Eurozone has seen larger earnings upgrades than other regions, and we forecast 60% earnings growth this year," analysts at Swiss bank UBS wrote in a note.

Daimler gained 1.7% after Berenberg initiated coverage on the German carmaker with a "buy", saying it expects the recently spun-off Daimler Truck to bring higher returns.

Submarines-to-steel group Thyssenkrupp (DE:TKAG) jumped 6.3% after it said profit could more than double next year and it may take its hydrogen unit public.

Playtech (LON:PTEC) rose 3.9% after receiving a takeover bid from JKO Play Ltd, a firm co-owned by former F1 boss Eddie Jordan. JKO joins several takeover bids for the British online gambling software developer.

German auto supplier Continental fell 3.1% after it announced the departure of its chief financial officer following a probe into the illegal use of defeat devices in diesel engines.

Europe's STOXX 600 ends lower, halting record rally; energy stocks slide
 

Related Articles

Helbiz Expands Segway Partnership
Helbiz Expands Segway Partnership By Investing.com - Jan 21, 2022

By Sam Boughedda Investing.com — Micro-mobility company Helbiz Inc (NASDAQ:HLBZ) announced Friday that it has expanded its partnership with Segway, a personal transportation...

Nasdaq Moves Off Lows After Dipping Below 14,000
Nasdaq Moves Off Lows After Dipping Below 14,000 By Investing.com - Jan 21, 2022 1

By Yasin Ebrahim Investing.com – The Nasdaq moved off session lows Friday after falling below the key 14,000 level, as a Netflix-led rout in tech eased and dip-buying in...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email