European shares extend losses amidst global risk-off mood
2024.08.02 03:35
(Reuters) – European shares fell more than 1% on Friday, resonating with a global risk-off sentiment while investors assessed a handful of mixed corporate updates to gauge market sentiment.
The pan-European index fell 1.6% to a three-month low by 0718 GMT. The index is also set to log a modest 0.1% decline this week.
All sub-sectors were trading in the red, with the technology and financial sectors falling the most with a 3.7% and 2.6% decline, respectively.
The global risk-off sentiment was triggered by a weak reading of U.S. manufacturing activity on Thursday that dropped to an eight-month low in July. [MKTS/GLOB]
A handful of defensive stocks, such as Unilever (LON:) were in the green.
French insurer AXA was up 1.1% after BNP Paribas (OTC:) said it is in exclusive talks with the company to acquire 100% of its AXA Investment Managers arm for 5.1 billion euros ($5.50 billion).
French energy company Engie gained 2.3% after it lifted its profit guidance following first half-results that beat expectations.
($1 = 0.9268 euros)
