{"id":12723,"date":"2023-08-18T09:35:06","date_gmt":"2023-08-18T09:35:06","guid":{"rendered":"https:\/\/isafespend.com\/investing\/european-shares-set-for-third-straight-weekly-loss-as-rate-jitters-china-woes-loom-large\/"},"modified":"2023-08-18T09:35:06","modified_gmt":"2023-08-18T09:35:06","slug":"european-shares-set-for-third-straight-weekly-loss-as-rate-jitters-china-woes-loom-large","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12723","title":{"rendered":"European shares set for third straight weekly loss as rate jitters, China woes loom large"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 17, 2023. REUTERS\/Staff\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Shashwat Chauhan<\/p>\n

(Reuters) -European shares sank to their lowest in over a month on Friday, on track to post weekly losses, as concerns around interest rates across the world remaining higher for longer and dwindling growth prospects in China hammered risk sentiment.<\/p>\n

The pan-European eased 0.9%, poised for its fourth consecutive day of losses.<\/p>\n

Surging bond yields have pressured equities this week, with the STOXX 600 headed for a weekly fall of over 2%, touching its lowest weekly level in a month.<\/p>\n

“Longer end bond yields have started to rise again because … hopes of rate cuts from next year onward – they’re basically starting to get priced out,” said Matthias Scheiber, head of multi-asset at Systematic Edge, Allspring Global Investments.<\/p>\n

“It looks like growth is more robust and inflation is more sticky.” <\/p>\n

China’s economy was the other topic on investors’ minds as a series of economic data and ructions in the property sector have laid bare the stumbling post-pandemic recovery.<\/p>\n

China-exposed luxury heavyweights LVMH, Kering <\/span><\/span> (EPA:) and Hermes fell between 1.5% and 1.7% on heightened concerns of weak economic growth in the world’s second-largest economy.<\/p>\n

Europe’ largest bank HSBC, which also does business in China, weighed on the STOXX 600, falling 1.2%.<\/p>\n

Embattled developer China Evergrande Group filed for bankruptcy protection in a U.S. court as part of one of the world’s biggest debt restructuring exercises.<\/p>\n

European miners, who also face an exposure to China, lost 1.8%<\/p>\n

UK’s blue-chip fell 0.8% after data showed British retail sales slumped more sharply than expected in July.<\/p>\n

Novo Nordisk (NYSE:), Europe’s second biggest listed firm, eased 1.8% after three sessions of gains.<\/p>\n

The construction and materials sector fell 1.5% as Swedish heat pump maker Nibe fell 1.7%, its sixth straight daily fall.<\/p>\n

Retailers fell 1.7% as H&M lost 2.2% a day after a Reuters report showed the world’s second-biggest fashion retailer has decided to gradually stop sourcing from Myanmar. <\/p>\n

The industrial goods and services sector, down 1% for the day, is set to be the worst performing this week. <\/p>\n

Bond yields eased across Europe, with German bonds, traditionally considered as Europe’s benchmark, easing to 2.6%. [GVD\/EUR]<\/p>\n

SUSE surged 59.7% after the software solutions provider said it would be taken private by its majority shareholder EQT (NYSE:) AB for an offer price of 16 euros per share.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 17, 2023. REUTERS\/Staff\/File Photo By Shashwat Chauhan (Reuters) -European shares sank to their lowest in over a month on Friday, on track to post weekly losses, as concerns around interest rates across the world<\/p>\n","protected":false},"author":1,"featured_media":10405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-12723","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nEuropean shares set for third straight weekly loss as rate jitters, China woes loom large | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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