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(Bloomberg) — European stocks fell on Thursday as worries over rising bond yields curbed investor appetite for risky assets.
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The Stoxx Europe 600 Index dropped 0.6% by the close, following steep declines Wednesday across US markets after a disappointing Treasury auction sent yields surging. Consumer products and autos were the biggest laggards, while the personal care and chemical sectors outperformed.
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Renewable-energy stocks, including Orsted A/S and Vestas Wind Systems A/S, fell after House Republicans released a new version of the tax and spending bill that accelerates the end of tax incentives for clean electricity production. The House narrowly approved the bill around midday London time.
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EasyJet Plc dropped 2.6% after the low-cost airline reported bigger-than-expected losses. Shares in Germany’s Freenet AG, real estate investment trust British Land Co. and Swedish gaming and entertainment firm Embracer Group AB all fell after results.
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Rising US yields and disappointing earnings are dampening a recovery of European equities this month following progress in trade negotiations. Investors will be watching trade talks between Europe and the US, as well as developments with the tax bill, which now goes to the Senate.
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“That the debt situation in the US is worsening, with the recent downgrade confirming this, one could take this as a positive or a negative for Europe,” said Michael Field, chief equity strategist at Morningstar. “The negative obviously being the fear of contagion, but the positive here could be investors looking to Europe as a safer option than the US, something that is already happening with European equity markets.”
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In other individual stocks, Johnson Matthey Plc shares soared after Honeywell International Inc. agreed to buy the chemicals firm’s catalyst technology business.
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For more on equity markets:
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- Bull Case Gets Support From Earnings Resilience: Taking Stock
- M&A Watch Europe: Johnson Matthey, UniCredit, Sanofi, Vinci
- Why Dubai’s Property Boom Could Aid an IPO Upturn: ECM Watch
- US Stock Futures Unchanged; UnitedHealth, Elevance Fall
- M&S’s Hack Hit: The London Rush
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—With assistance from Michael Msika and Sagarika Jaisinghani.
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