Markets

European stocks fall ahead of US Federal Reserve chairman's testimony

2019-07-10 12:18:11 GMT (Economies.com)

European shares tumbled on Wednesday morning, extending losses for the fourth session in a row, but the decline remains limited as investors await the Fed's chair semi-annual testimony before the US Congress.

 

As of 11:25 GMT, Stoxx Europe 600 fell by 0.1%, and the index ended yesterday's lower by 0.5%, its third daily losing streak, after the German market plummeted following a profit warning from BASF.

 

The Index fell to continue its losses for a fourth session in a row, with the majority of European stock markets and major sectors falling.

 

The food companies topped the list of losing sectors in Europe with a drop of more than 1 percent, while the banking sector gained 0.7 percent, with Commerzbank gaining 4 percent.

 

The declines remain limited as investors wait for the Fed's chair Jerome Powell's semi-annual testimony before the US Congress.

 

As it is expected to provide strong evidence about the easing of US monetary policy and the future interest rates cuts during the year.

 

S&P 500 futures fell more than 0.2%, and the index ended yesterday's session on Wall Street up by more than 0.1%, the first gain in three sessions.

 

Euro Stoxx 50 index fell 0.1%, while in France, the CAC 40 index rose by 0.1%, with Germany's DAX index losing 0.4% to top the list of losing markets in Europe, and In London, the FTSE 100 fell less than 0.1%.

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