European markets move lower as positive momentum falters
Istanbul, June 4 (Hibya) - European markets were lower Tuesday as positive momentum over the past few days falters.
The pan-European Stoxx 600 was down 0.3 percent by 2:35 p.m. London time, with all major bourses and most sectors in the red. Mining stocks lost 2.1 percent, while utilities were the biggest gainer, adding 0.7 percent.
Banking stocks shed 1.7 percent, with Italy’s UniCredit and Spain’s BBVA losing more than 4 percent, as investors look ahead to the European Central Bank’s (ECB) latest interest rate decision later this week.
Shares of Maersk, meanwhile, climbed to the top of the benchmark, adding 2.1 percent before dipping slightly after the Danish shipping giant raised its full-year profit guidance on strong market demand and continued Red Sea disruptions.
The ECB is widely expected to cut interest rates for the first time since 2019 when policymakers meet on Thursday. Still, investors will watch closely to see whether a slightly higher-than-expected euro zone inflation print released Friday will affect the bank’s forthcoming decision.
On the data front, German unemployment rose more than expected in May, undermining hopes of recovery in Europe’s biggest economy. The number of unemployed rose by 25,000 in seasonally adjusted terms, the Federal Labor Agency said Tuesday, above the predicted 10,000 figure.
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