Doha: European stock indices ended the trading day on a lower note, marking a continued trend in market declines.
According to Qatar News Agency, the pan-European Stoxx 600 index fell by 0.6 percent, marking its fourth consecutive day of losses. This downturn was mirrored across most regional stock exchanges, including Germany's blue-chip index, which experienced a 0.2 percent decrease. A significant contributor to the Stoxx decline was Dutch ASLM shares, which plummeted 11.4 percent. This marked their largest drop in nine months following a warning that growth may not be achieved by 2026, despite exceeding second-quarter booking expectations.
The chip sector faced challenges, with stocks like BE Semiconductor and STMicroelectronics seeing declines ranging from 2.1 percent to 5.2 percent. The automotive sector was similarly affected, as European auto stocks decreased by 1.8 percent. Renault led this decline, falling 18.5 percent after issuing a surprising profit warning that unsettled investors.
However, not all sectors experienced losses. Asset manager Partners Group saw a 5.1 percent increase in shares, topping the Stoxx, after reporting better-than-expected half-year assets under management and confirming its full-year forecast.
On the economic data front, the UK reported an unexpected rise in annual consumer price inflation, reaching 3.6 percent in June, up from 3.4 percent in May. This development marks the highest inflation level in over a year.