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European stock markets decline moderately during trading

Western European stock markets are moderately lower during trading on Monday, market participants are preparing for a busy week, which will include the July meeting of the Federal Reserve System and will be published quarterly reports of many leading companies.

The composite index of the largest companies in the Stoxx Europe 600 region decreased by 0.14% by 11:26 Moscow time and amounted to 425.10 points.

The German DAX fell 0.24%, the French CAC 40 – 0.07%, the British FTSE 100 – 0.09%. Meanwhile, Italy’s FTSE MIB and Spain’s IBEX 35 added 0.24% and 0.28%, respectively.

The Fed meeting will end on Wednesday, and, as expected, the leadership of the central bank will decide to raise the key interest rate again by 75 basis points. At the same time, some analysts point out the possibility of a more significant rise, by 100 bp at once.

Meanwhile, on Monday it became known that the index of confidence of German entrepreneurs in the country’s economy in July fell to a minimum of two years.

The value of the indicator, calculated by the Ifo Institute for Economic Research in Munich, fell to 88.6 points this month, compared with a revised 92.2 points in June. Experts polled by The Wall Street Journal, on average, predicted a more moderate decline in the indicator, to 90.5 points.

The sub-index of business expectations for the next six months fell to 80.3 from 85.5 points, while the indicator assessing the current situation fell to 97.7 points from 99.4 points a month earlier.

Shares of Ryanair Holdings Plc rise in price by 2.4% in trading in London.

Royal Philips NV falls 10%, leading the decline in the Stoxx Europe 600 index.

Vodafone shares rise 0.2%.

Shares of Uniper are down 9%, its parent company Fortum – by 7.1%. Investors continue to react to the news that the German government plans to acquire a 30% stake in Uniper, which was seriously affected by the reduction in Russian gas supplies to Germany.

The growth leader in the Stoxx 600 index are papers of the Austrian banking group Raiffeisen Bank International, rising in price by 4.7%, and shares of Polymetal International Plc, growing in price by 4.6%.


About author

Oxford graduate with honors. He worked in large financial projects for well-known Wall Street corporations. After he earned his first capital and a reputation as a successful trader, he opened his own company. At the moment, the growth of the company's capital is 20% per year.
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