European shares fall at open, Sartorius plunges on forecast cut
2023.06.19 04:02
© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 15, 2023. REUTERS/Staff
(Reuters) – European shares fell at the opening bell on Monday, with Franco-German lab equipment maker Sartorius leading the declines, while investors cautiously awaited further stimulus measures from China to revive demand.
The pan-European index shed 0.5% by 0719 GMT, while index dropped 0.4% after closing at a record high in the prior session.
Shares of Sartorius plunged 14%, to the bottom of the STOXX 600, after the company cut its 2023 revenue and margin forecasts on Friday.
The focus remains on geopolitics as U.S. Secretary of State Antony Blinken wraps up his trip to China, while China’s cabinet met on Friday to discuss measures to spur growth in the economy, state media reported.
China-exposed luxury giant LVMH, which is Europe’s most valuable firm, fell 0.9%, while the basic resources index dropped 1.4% amid demand worries from top metals consumer China.
The U.S. markets will be shut for a public holiday on Monday.
