Europe stocks lower as French political outlook weighs
Istanbul, July 9 (Hibya) - European stocks were lower Tuesday as investors in the region considered the political uncertainty in France following Sunday’s election result.
The pan-European Stoxx 600 index was down 0.82 percent at 3:26 p.m. in London. Oil and gas stocks led losses, down by 1.4 percent. BP fell 3.93 percent after the oil major said in a trading statement that it expected a second-quarter earnings hit of $1 billion to $2 billion from impairments and $500 million to $700 million due to “significantly lower realized refining margins.”
Meanwhile, shares in Novo Nordisk—which makes the obesity drug Wegovy—fell 1.5 percent after an analysis by the JAMA Internal Medicine journal indicated that Eli Lilly’s rival treatment led to greater weight loss.
The U.K.’s FTSE 100 slipped into the red in afternoon deals after bucking the wider negative trend through the morning. It follows last week’s emphatic victory for the left-of-centre Labour Party, seen as broadly supportive of U.K. assets and sectors, particularly house builders.
Meanwhile, the Paris CAC 40 index was 1.52 percent lower as traders continued to assess the implications of a hung parliament and a potentially prolonged period of political uncertainty in France.
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