Global Market News

European Equities Close Lower in Tuesday Trading; BP Shares Drop After Lowering Guidance


Last updated: 07/09/2024 12:02:53

12:02 PM EDT, 07/09/2024 (MT Newswires) -- The European stock markets closed lower in Tuesday trading as The Stoxx Europe 600 fell 0.99%, the Swiss Market Index was off 0.12%, France's CAC dropped 1.6%, the FTSE in London was down 0.66%, and Germany's DAX lost 1.3%.

Housing transactions decreased in 13 out of the 16 EU countries for which data are available in 2023 compared with 2022, according to Eurostat, the statistical office of the EU. It is the second straight year more than half of the reporting countries have registered a drop in sales. The largest decreases in transactions were in Luxembourg (-43.3%), Austria (-26.4%), and Hungary and Finland (-24.5% each). Meanwhile, the only increases were reported in Cyprus (+31%), Poland (+3.9%), and Ireland (+0.6%).

And in corporate news, shares of UK oil and gas giant BP closed more than 4% lower in London in Tuesday's trading session after it said it expects "significantly lower" refining margins in Q2, which it said could lower oil products earnings by $500 million to $700 million.

According to an analysis published on Monday in medical journal JAMA Internal Medicine, Danish pharmaceutical giant Novo Nordisk's weight loss drug Wegovy is not as effective as Eli Lilly's Mounjaro. Shares of Novo Nordisk closed nearly 2% lower in Copenhagen.

UK financial services company HSBC is preparing to appoint its third CEO in nine years and is considering financial incentives and project reallocations to retain executives who miss out on the top role, Reuters reported on Tuesday, citing sources familiar with the matter.

European automaker Stellantis said Tuesday that it aims to offer 30 hybrid vehicle models this year and introduce six more models through 2026 to meet customer demand in Europe.
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