• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

European stocks slip from recent highs, telecom deals in focus

September 7, 2021 by David Barret Leave a Comment

September 7, 2021

By Sruthi Shankar and Ambar Warrick

(Reuters) – European stocks ended lower on Tuesday as caution kicked in ahead of a European Central Bank meeting later this week, while focus turned to a flurry of telecom deals led by Deutsche Telekom.

The pan-European STOXX 600 index slipped 0.5% after coming close to a record high in the previous session. Utilities, healthcare and chemical stocks were among the top decliners.

Spurring moves in telecoms, Deutsche Telekom struck a share-swap deal with SoftBank Group to increase its stake in U.S. unit T-Mobile. The stock fell slightly.

The company and Swedish telecoms operator Tele2 also agreed to sell their Dutch unit to private equity groups for an enterprise value of 5.1 billion euros ($6.05 billion).

Dutch peer KPN rose 4.1%, leading gains on the STOXX 600, while UK’s BT fell 0.1% on news Deutsche Telekom is weighing options for its 12% stake in BT.

The wider telecoms index rose 0.1%.

Caution prevailed ahead of the ECB meeting on Thursday, with a recent surge in euro zone inflation and improving economic data driving bets of tighter monetary policy.

“It’s believed that the ECB is discussing tapering their PEPP purchases. If it is, then investors will look for signs that they are going to compensate by making purchases through other schemes,” said Andrea Cicione, head of strategy at TS Lombard.

“The reason they wouldn’t want to get ahead of the Fed is because any hawkish remark by Lagarde or the ECB would cause even more strength in the euro, which would be negative for European growth.”

The benchmark STOXX 600 has gained almost 19% so far this year, slightly lagging New York’s S&P 500, as relatively high rates of vaccination brightened the recovery outlook, with many people returning to offices following sweeping restrictions last year.

Hopes of more economic stimulus for China and Japan, as well as growing views the U.S. Federal Reserve is likely to delay the start of tapering its asset purchases pushed world stocks to record highs earlier.

British engineering firm Meggitt fell 12.1%, and was the worst performer on the STOXX 600 after aerospace parts maker TransDigm bowed out of a $8.7 billion takeover battle for the firm.

The world’s largest inter-dealer broker TP ICAP Group slumped 10.7% after reporting a lower half-year profit.

Upmarket fashion retailer Ted Baker climbed 0.2% as sales surged during the second quarter as customers returned to shops after months of coronavirus restrictions.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta, Louise Heavens and Richard Chang)

Source Link European stocks slip from recent highs, telecom deals in focus

David Barret
David Barret

Related posts:

  1. Tennis – Azarenka calls for mandatory COVID-19 vaccinations
  2. Apple offers small concession in easing App Store rules for Netflix, others
  3. U.S. weekly jobless claims fall; layoffs at 24-year low
  4. Explosion snags $6M on $120M valuation to expand machine learning platform

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • “Dig Deep, And Persevere”: Number 16, The World’s Longest-Lived Spider, Died Aged 43
  • IFLScience The Big Questions: What Is Time And How Do We Measure It?
  • Marty Goddard: The History Of The Sexual Assault Kit
  • What’s Really Lurking In The Deep Dark Waters Of Loch Ness?
  • Another Comet 3I/ATLAS Record Got Us Asking: How Do We Know An Object Is Interstellar?
  • Scientists Read The Shells Of Clams That Live For 500 Years, And They Tell A Troubling Story
  • New Blood Test Offers Potential For “Simple, Accurate” ME/CFS Diagnosis, Researchers Claim – Other Experts Aren’t So Sure
  • In 1927, A Physicist Conducted A Mass Psychic Experiment Involving 25,000 People
  • Check Out This “Truly Exceptional” Fossil Of A Two-Headed Reptile That Lived 125 Million Years Ago
  • Longest Woolly Rhino Horn Ever Recovered Just Popped Out Of The Siberian Permafrost
  • Deer Can Learn Commands Like “Come”, But The Most Restless Ones In Class Take Longer To Learn
  • Is This Evidence Of The “Oldest Human Habit”? A New Study Has Different Ideas
  • Winds On Mars Are Faster Than Thought, Analysis Of 1,039 Dust Devils Shows
  • 400,000-Year-Old Fossil Shows Butchering Elephants Helped Early Humans To Supersize Their Tools
  • Ignore The Nonsense: Here Are The Real Images Of Interstellar Object 3I/ATLAS
  • This Rare Spider Is Half-Female, Half-Male Split Down The Middle – Oh, And A New Species
  • Comet 3I/ATLAS Caught On Camera From Mars Orbit: “This Was A Challenge”
  • JWST Captures Best Image Yet Of A Supergiant Star Before It Went Supernova
  • Isaac Newton’s “Apocalypse Calculations” Predicted A World-Changing Event In 2060
  • 2024-25 Saw The Most US Kids Dying From Flu Since The Swine Flu Pandemic
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version