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European Stocks End in Red Amid Volatile Global Market Sentiment

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Last updated: 10/12/2021 12:40:30

12:40 PM EDT, 10/12/2021 (MT Newswires) -- European stocks closed lower on Tuesday as global market sentiment was choppy and the International Monetary Fund cut its global economic growth forecast for 2021 to 5.9% from 6% in July.

The German DAX and the French CAC were each down 0.3%. The FTSE 100 in the UK fell 0.2%, and the Swiss Market Index finished 0.1% lower. The Stoxx Europe 600 was marginally lower.

Consumer confidence in the UK fell 2.3 points in September to 110.5, according to data released by YouGov and the Centre for Economics and Business Research. A score above 100 means that more consumers are confident than not. Meanwhile, the outlook on household finances plunged into negative territory to 90.9 in September from 101.5 in August, the second-largest decrease on record.

The euro area's economic sentiment indicator declined to 21 points in October from 31.1 in September, marking its fifth consecutive monthly decrease, ZEW said. The current economic situation index in the eurozone also fell 6.6 points to 15.9 in October.

Economic sentiment in Germany continued its fall to 22.3 points in October from 26.5 in September, according to data released by ZEW. The figure missed the forecast of 24 points and went down for the fifth consecutive month.

The European Union is drafting a new climate legislation for 2022, including regulations for carbon dioxide removals and new air pollution limits to align with World Health Organization's proposal, Reuters reported, citing a draft policy plan.

On the corporate front, THG (THG.L) was down nearly 35% after it unveiled its environmental, social and governance targets as it aims to be climate positive and offset its entire historical emissions. Under its 2030 sustainability strategy, the e-commerce platform plans to counterbalance its direct historical emissions and shift to fully renewable electricity for its own operations by 2025, among other goals. It is looking to publish its net-zero roadmap by 2022.

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