European Stocks Decline For 4th Day.
London, Wednesday, 07 December 2022
European markets fell for a fourth session in a row. Losses on Wednesday were primarily in the mining and energy sectors as investors fretted about the possibility of a global recession in 2019.
Healthcare stocks, however, rose after it was announced that GSK Plc and Sanofi would not be subject to the thousands of US lawsuits alleging that the heartburn medication Zantac caused cancer.
As the continuous inflationary pressure and rising interest rates hurt consumer demand, top US bankers on Tuesday issued a recession warning for the following year. Investors have also taken in a plethora of economic data, such as the Q3 GDP report for the Eurozone, which revealed the region's economy expanded a little quicker than anticipated.
In other economic headlines, German manufacturing shrank less than anticipated in October, while home prices in the UK dropped to their lowest level since October 2008. On the business front, Airbus kept its financial aims but dropped its numerical projection for jet deliveries and a deadline for its main production objective.
The German DAX declined 0.4% and the STOXX 600 lost 0.6%.
(Report by: The Decision Maker - Finance editors)