BAFL 45.43 Increased By ▲ 2.67 (6.24%)
BIPL 20.86 Decreased By ▼ -0.12 (-0.57%)
BOP 5.45 Increased By ▲ 0.41 (8.13%)
CNERGY 4.60 Increased By ▲ 0.24 (5.5%)
DFML 15.75 Decreased By ▼ -0.05 (-0.32%)
DGKC 71.04 Increased By ▲ 2.40 (3.5%)
FABL 27.74 Decreased By ▼ -0.06 (-0.22%)
FCCL 17.22 Decreased By ▼ -0.08 (-0.46%)
FFL 8.68 Decreased By ▼ -0.12 (-1.36%)
GGL 13.07 Increased By ▲ 0.10 (0.77%)
HBL 114.75 Increased By ▲ 5.72 (5.25%)
HUBC 120.69 Increased By ▲ 3.45 (2.94%)
HUMNL 7.79 Decreased By ▼ -0.06 (-0.76%)
KEL 3.32 No Change ▼ 0.00 (0%)
LOTCHEM 27.91 Decreased By ▼ -0.24 (-0.85%)
MLCF 39.29 Increased By ▲ 0.09 (0.23%)
OGDC 108.98 Increased By ▲ 0.83 (0.77%)
PAEL 18.20 Decreased By ▼ -0.05 (-0.27%)
PIBTL 5.71 Decreased By ▼ -0.09 (-1.55%)
PIOC 109.76 Increased By ▲ 0.86 (0.79%)
PPL 93.27 Increased By ▲ 1.77 (1.93%)
PRL 25.47 Increased By ▲ 0.47 (1.88%)
SILK 1.06 Increased By ▲ 0.02 (1.92%)
SNGP 63.41 Increased By ▲ 1.71 (2.77%)
SSGC 12.07 Decreased By ▼ -0.12 (-0.98%)
TELE 8.61 Decreased By ▼ -0.17 (-1.94%)
TPLP 13.53 Decreased By ▼ -0.37 (-2.66%)
TRG 85.81 Increased By ▲ 1.40 (1.66%)
UNITY 25.75 Increased By ▲ 0.50 (1.98%)
WTL 1.56 Increased By ▲ 0.04 (2.63%)
BR100 6,242 Increased By 133.2 (2.18%)
BR30 21,739 Increased By 476.6 (2.24%)
KSE100 60,730 Increased By 918.9 (1.54%)
KSE30 20,240 Increased By 379.1 (1.91%)

European stocks closed lower on Monday, in a session that marked sharp losses after a sudden brief crash, while downbeat China factory data sparked worries of a sharp economic slowdown.

The pan-European STOXX 600 index dropped 1.5%, set to snap a three-day session of gains, with trading volumes thinned by a UK bank holiday.

The STOXX 600 fell as much as 3% earlier in the day, and the Stockholm benchmark stock index shed 8% in what brokers said was a “flash crash” or an erroneous trade.

A gauge of euro zone stocks volatility also saw a sudden spike to hit its highest since mid-March at 35.99. It was last seen at 34.04, while the Stockholm index clawed back losses to trade down 1.6%.

Miners, earnings lift European stocks at end of choppy April

Data released over the weekend showed factory activity in China contracted more than feared in April as widespread COVID-19 lockdowns halted industrial production and disrupted supply chains.

China-linked sectors such as autos, luxury, chipmakers and industrials dragged on the main index.

“While we can expect further supportive measures from Beijing over the coming months, the virus restrictions would likely pose a downside bias to the economic activities,” Commerzbank analysts said. “The growth outlook still looks challenging.”

Wall Street was mixed on Monday, with the tech-heavy Nasdaq edging higher as growth stocks rebounded after April’s rout.

The U.S. Federal Reserve is scheduled to meet this week, with traders betting on a 50-basis-point rate hike to combat rapid inflation.

Worries over China’s rigid COVID restrictions, the conflict in Ukraine and expectations of aggressive U.S. monetary policy tightening have stoked concerns of a sharp slowdown in the global economy, pulling the STOXX 600 down 9% on a year-to-date basis.

Further, two senior ministers in Germany backed an immediate European Union ban on Russian oil imports, saying Europe’s biggest economy could weather shortages and price hikes.

Ex-dividend factors weighed heavily on the STOXX 600, with automaker Mercedes-Benz, healthcare company Bayer , auto parts maker Continental and chemical group BASF all losing their payout attraction.

Wind turbine maker Vestas dropped 7.9% after it slashed its full-year operating profit margin outlook.

German real estate firm Adler Group SA slumped 29.2% to a record low as it said all members of its board of directors had offered to resign with immediate effect, after an auditor declined to give an opinion on the company’s financial statements.


Comments are closed.

European stocks mark bleak start to May, hit by brief crash

Inter-bank: rupee sees minor recovery against US dollar

KSE-100 gains another 919 points as index now eyes 61,000 level

Open-market: rupee remains stable against the US dollar

Cipher case: trial to continue in Adiala Jail in open court, rules judge

ADB approves $180mn to improve Punjab’s water supply & waste management

PM Kakar to embark on two-day visit to Kuwait

Atlas Honda tests the waters with electric scooter called ‘BENLY e’ in Pakistan

Hamas and Israel prepare to extend Gaza truce

Israeli, US spy chiefs meet Qatari PM to discuss ‘building on’ Gaza truce

More people at risk of death from disease than bombings in Gaza: WHO