European Stocks Down as Market Sentiment Dominated by Concerns Over China’s Economic Development.
London, Monday, 2 May 2022
On Monday, Europe's major stock indices fell down, with the German DAX losing 1% and the Stoxx 600 losing 1.5 percent.
Market sentiment was dominated by concerns over China's economic development, as PMI readings in both manufacturing and services indicated a deteriorating decline in both sectors over the weekend, owing to tighter lockdowns and other restrictions in major cities.
In Europe, consumer confidence in Switzerland fell to its lowest level since Q2 2020, while retail sales in Germany unexpectedly fell in March.
In addition, Eurozone economic confidence unexpectedly fell to a 13-month low of 105, but April manufacturing activity growth in the bloc, Germany, and France was revised higher.
Investors are now anticipating significant central bank meetings, including the US Federal Reserve on Wednesday and the Bank of England the following day, with a 50 basis point rate hike largely forecast in the United States.
In the United Kingdom, markets are closed for a public holiday.
(Written and edited by: The Decision Maker)