European shares dip on economic woes; travel and leisure lead losses
2023.12.07 04:02
© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 21, 2023. REUTERS/Staff/File Photo
(Reuters) – European shares dropped on Thursday, led by travel and leisure stocks, as investors grew wary of an economic downturn following a slew of recent weak data out of Germany and keenly awaited a GDP print from the euro zone.
The pan-European index fell 0.3% by 0810 GMT after touching a more than four-month high on Wednesday.
Data showed Germany’s industrial production unexpectedly fell in October, a day after industrial orders in the 20-nation bloc’s largest economy also slipped, showcasing a struggling industrial sector.
fell 0.2% after scaling a fresh all-time high on Wednesday.
A rise in euro zone bond yields, mirroring their global peers, also weighed on equities.
On the data front, euro zone final third-quarter GDP is due at 1000 GMT.
U.S. initial jobless claims, due later in the day, will also be monitored following growing evidence of labour market weakness.
Games Workshop lost 8.9% after its half-year trading update, while Lufthansa shed 3.9% after J.P.Morgan cut the German air carrier to “underweight” from “overweight”, steering a 1% drop in travel and leisure.
Sanofi (NASDAQ:) gained 1% after it said it has a dozen drug candidates with annual sales potential of more than $1 billion in development.
