FRANKFURT / LONDON (IT BOLTWISE) – European stock markets are under pressure as interest rate speculation and geopolitical tensions unsettle investors. Despite the general losses, the oil sector and some companies such as Richemont recorded gains. The EuroStoxx 50 posted a weekly gain despite suffering renewed losses.
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European stock markets experienced another decline on Friday, triggered by ongoing interest rate speculation and geopolitical tensions. These factors led to increased nervousness among investors, who took profits after a period of price gains. Market analysts are observing that uncertainty over a possible interest rate cut by the US Federal Reserve in December is weighing on the markets.
The EuroStoxx 50, which had already recorded losses the day before, fell by 0.85 percent to 5,693.77 points. Despite these losses, the euro zone’s leading index managed to avoid major falls and stayed above its 21-day line, giving it a weekly gain of 2.3 percent. This stability is seen as a positive sign, although the markets as a whole are under pressure.
In Switzerland the market was less robust. The SMI in Zurich lost 0.84 percent and was quoted at 12,634.30 points. Britain’s FTSE 100 also fell 1.11 percent to 9,698.37 points, weighed down by reports of planned tax increases by the British government, which fueled fears about the country’s financial stability.
A bright spot was the oil sector, which bucked the general downward trend and gained 1.1 percent. The rise in oil prices was triggered by a Ukrainian drone attack on the Russian oil industry. These geopolitical tensions have affected the energy market and strengthened the oil sector.
The banks were particularly affected, losing a total of 2.4 percent. Southern European credit institutions such as Unicredit and Intesa Sanpaolo came under pressure. Technology, travel, chemicals and real estate stocks were also affected by sales. Swiss Re put additional pressure on insurers with disappointing reinsurance results and a loss of 5.4 percent.
A glimmer of hope came from Richemont in Switzerland. The luxury goods group surprised with brilliant half-year figures and a share price increase of almost six percent. Analysts particularly praised the recovery in growth in China and the stable demand in the USA. The French train manufacturer Alstom also surprised positively, increasing by 4.1 percent according to its own business figures and thus reacting to the optimistic company forecasts.
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