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(Bloomberg) — European stocks were steady as investors awaited a revised European Union trade proposal with the US.
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The Stoxx Europe 600 Index was little changed by the close, erasing an earlier decline. The consumer products and retail sectors were the biggest laggards, while telecoms and technology shares outperformed. LVMH dropped 2.2% after the conglomerate was said to be warning investors and analysts that demand trends in the current quarter remain soft.
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The European Union aims to inject momentum in talks with President Donald Trump’s administration amid lingering skepticism that a transatlantic deal can be reached.
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Meanwhile, domestically focused UK stocks declined on a hot inflation report. The UK’s FTSE 250 fell 0.7% as inflation jumped more than forecast to its highest rate in over a year.
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Neil Birrell, chief investment officer at Premier Miton Investors, said “there is likely to be more pain to come” as UK economic growth is robust but so is inflation, making interest rate policy a bit easier for the Bank of England. “Those hoping for significant cuts will be left disappointed today.”
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European stocks have tracked a global rebound following the US-China trade truce last week, but the rally appears to be losing steam as US bond yields have risen on worries about growing US debt levels. The Stoxx 600 is now about 2% below a March record high.
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“The tariff-cut bounce is losing momentum,” said Panmure Liberum strategist Susana Cruz. She is more constructive on European equities compared with the US, as they “stand to benefit from fiscal and defense spending and face less policy uncertainty.”
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In other individual stocks, shares of Marks & Spencer Group Plc rose 1.9% after the UK retailer disclosed the estimated financial impact of a cyber attack, allowing investors to start looking past the event.
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For more on equity markets:
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- Tailwinds Are Gathering for High-Flying Utilities: Taking Stock
- M&A Watch Europe: Harmony Energy, CVC, EnBW, Kordsa, Heineken
- European Firms Set to Unlock $100 Billion of Spinoffs: ECM Watch
- US Stock Futures Fall; Carter’s, Cipher Mining Fall
- Long Distance Letdown: The London Rush
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—With assistance from Michael Msika.
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English (US)