scorecardresearchEuropean shares slip on growing recession fears

European shares slip on growing recession fears

Updated: 12 Jul 2022, 01:15 PM IST
TL;DR.

Losses were broad-based with healthcare, technology and luxury stocks weighing the most. Oil stocks eked out small gains.

The DAX Index yield curve at the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany, on Monday, May 30, 2020. European stocks have been under pressure this year amid a flurry of concerns spanning hawkish central banks, slowing growth, soaring prices and the war in Ukraine. Photograph: Alex Kraus/Bloomberg

The DAX Index yield curve at the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany, on Monday, May 30, 2020. European stocks have been under pressure this year amid a flurry of concerns spanning hawkish central banks, slowing growth, soaring prices and the war in Ukraine. Photograph: Alex Kraus/Bloomberg

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July 12 (Reuters) - European shares extended losses to a second session on Tuesday, hit by worries about an energy supply crunch, while rising COVID-19 cases in China exacerbated global recession concerns.

Losses were broad-based with healthcare, technology and luxury stocks weighing the most. Oil stocks eked out small gains.

The pan-European STOXX 600 index fell 0.6% by 0727 GMT, after ending down 0.5% on Monday.

Miners fell 1.2%, as several Chinese cities imposed fresh COVID-19 curbs to rein in new infections, in what could be another hit to economic growth in the world's second-biggest economy and top metal consumer.

Meanwhile, a maintenance shutdown of the Nord Stream 1 pipeline from Russia to Germany is expected to end on July 21, but worries are high that it may get extended due to the Russia-Ukraine war, affecting the region's energy supplies.

Among individual stocks, power giant EDF jumped 6.1% to top the STOXX 600, after sources said the French government is poised to pay more than 8 billion euros ($8.05 billion) to bring the company back under full state control.

Swedish cloud communications company Sinch slumped 23.%, extending declines after a short-seller report from Ningi Research. (Reporting by Susan Mathew in Bengaluru; Editing by Rashmi Aich)

First Published: 12 Jul 2022, 01:15 PM IST