© Reuters. An electronic billboard shows the German DAX index on the stock exchange in Frankfurt, Germany, on Wednesday. Photograph: Reuters.
(Reuters) – European stocks fell Thursday as investors worry about persistent inflation and tightening central bank measures as chip maker BE Semiconductor and telecom company Nokia (HE 🙂 raised fears of an economic slowdown.
Shares of Nokia fell 4.1% after the Finnish telecom equipment company’s quarterly operating profit fell short of analysts’ expectations. Its rival Ericsson also posted lower-than-expected profits.
Shares of BE Semiconductor fell 2.8% after the company predicted a decline in revenue for the fourth quarter, warning that US restrictions on exports to China added uncertainty to the industry’s outlook.
The European index fell 0.4 percent, extending the decline from the previous session, as a series of worrying inflation data fueled fears that central banks should continue to tighten monetary policies, as well as monetary policy. disappointed optimism after recent earnings reports.
10-year German government bond yields rose to 2.43%, the highest since August 2011, putting more pressure on equities.
However, the profit of Finland’s Nordea Bank exceeded estimates and Hermes (EGX 🙂 recorded a sharp increase in sales growth with no signs of slowing. Nordea shares reversed early gains and fell slightly, while Hermes was up 4%.
(Prepared by Rehab Alaa for the Arab Newsletter – By Mustafa Saleh)
