European Shares See a Decline Following Fed Decision

European shares began trading on a subdued note on Thursday as investors resumed activity after a mid-week holiday, focusing on a series of significant earnings reports and the Federal Reserve’s indication of a postponement in interest rate adjustments.

The pan-European STOXX 600 was down 0.2% by 0715 GMT, following its first monthly decline this year in April.

Novo Nordisk upgraded its 2024 outlook and posted first-quarter profits that surpassed expectations.

Investors returned after the Labour Day holiday on Wednesday, a day marked by the Fed’s announcement that it would keep interest rates high for an extended period due to recent disappointing inflation data.

Energy stocks fell 1.7%, with Vestas experiencing a 4.2% decline after the world’s largest wind turbine manufacturer reported an unexpected loss in the first quarter.

European Shares (Credits: Richard Drew/AP)

However, the stock dropped 2.4% after relinquishing early gains. ING Groep in the Netherlands surged 5.4% following a 2.5 billion euro ($2.68 billion) share buyback and strong first-quarter performance.

Standard Chartered in Britain rose 5% after beating profit expectations in the first quarter, propelling the bank index to lead the sectoral gainers’ list.

Teleperformance, a French office services and call center company, skyrocketed 15.4% on the back of higher first-quarter sales.

Josh Alba
Josh Alba
Josh Alba stands at the forefront of contemporary business journalism, his words weaving narratives that illuminate the intricate workings of the corporate world. With a keen eye for detail and a penchant for uncovering the underlying stories behind financial trends, Josh has established himself as a trusted authority in business writing. Drawing from his wealth of experience and relentless pursuit of truth, Josh delivers insights that resonate with readers across industries.
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