European shares drop as Spain targets energy firms

european shares drop as spain targets energy firms

Sumary of European shares drop as Spain targets energy firms:

  • Sentiment was also hit as investors digested disappointing Chinese economic data.
  • The pan-European Stoxx 600 index dropped 0.8 per cent, with the European utilities sector tumbling 2.9 per cent as investors fretted about the prospect of other European countries following Spain’s lead.
  • Dublin The Iseq declined by 0.8 per cent to 8,624.09. Banking stocks were out of sorts, with AIB off 0.4 per cent at €2.26 and Bank of Ireland down 0.6 per cent at €4.91, albeit amid low trading volumes.
  • Kingspan dropped by 2.3 per cent to €95.70, while Paddy Power owner Flutter Entertainment declined by 0.7 per cent to €169.60. Smurfit Kappa declined by 0.6 per cent, with the market paying little heed to the cardboard boxmaker’s successful placing of €1 billion of green bonds.
  • The FTSE 100 index slipped 0.1 per cent, while the domestically-focused mid-cap FTSE 250 index declined 1.1 per cent, recording its worst session in nearly two months.
  • com dropped 4.5 per cent to the bottom of the index following a media report that Amazon and rival Deliveroo will offer free delivery to prime subscribers in the UK. Among other stocks, Darktrace jumped 14.5 per cent after the cybersecurity company increased its revenue growth forecast for its 2022 financial year.
  • Europe Spain’s Ibex lost 1.7 per cent, the most among regional indexes.
  • While optimism about a steady European economic recovery remains, the Stoxx 600 is on course to end its seven-month winning streak in September, as investors grow anxious over global growth and monetary policy outlook.

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