© Archyde.com. An electronic screen showing the stock trading movement on the DAX index on the Frankfurt Stock Exchange on Wednesday. Photo: Archyde.com.
(Archyde.com) – European stocks fell on Thursday, pressured by falling utilities and telecoms stocks, amid growing fears of an imminent recession.
The index was down 0.1 percent by 0815 GMT.
The index fell for the fourth consecutive session on Wednesday amid growing fears of slowing economic growth ahead of a set of expected decisions next week from major central banks on interest rates.
Early trading witnessed a decline in the two sub-indices of communications and utilities by 0.6 and 0.5 percent, respectively.
Real estate stocks rose 0.7% and energy 0.3%, supported by a recovery after falling in the previous session to their lowest level since the beginning of the year, amid optimism about China’s easing of anti-Covid-19 restrictions.
On Wednesday, Ryanair announced that its chief executive, Michael O’Leary, had agreed to extend his contract through 2028. Shares of Europe’s largest airline rose 1.6 percent.
French automaker Renault (EPA:) fell 1.3 percent. And Bloomberg News reported on Thursday that it became certain that talks between Renault and Nissan Motor on restructuring the alliance would extend into next year.
(Reporting by Marwa Gharib for the Arabic Bulletin – Editing by Ali Khafaji)