European stocks
European stocks opened lower on Tuesday, as a possible strengthening of wage settlements in the euro zone clouded bets of an early cut in interest rates, while China’s decision to cut mortgage interest rates failed to make a good impression on the markets.
The European STOXX 600 index fell 0.1 percent by 0814 GMT. In the previous session, the index recorded its highest levels in more than two years.
The market’s focus will be on the Eurozone’s negotiated wages data in the fourth quarter after the European Central Bank identified wage adjustments as the most important variable in determining whether it can start cutting interest rates.
Basic resources shares fell 1.8 percent amid a decline in copper prices on the back of a strong dollar, while traders evaluated the prospects for demand in China after a cut in the mortgage interest rate for consumers failed to lift morale.
On the corporate side, Air Liquide shares rose 6.2 percent to the top of the STOXX 600 after the French industrial gases company announced better-than-expected operating profits for the full year and said it had already reached its target profit margin for 2025.
#European stocks
#Euro-zone
2024-02-20 09:22:26
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