LONDON – European stocks closed sharply lower on Wednesday, tracking losses on Wall Street and Asia-Pacific markets.
Pan-European Stoke 600 The index temporarily closed down 1%, with most sectors and major exchanges showing negative values. Technology stocks fell 3.2%, leading the decline, while household products stocks fell 2%.
The U.S. stock market generally fell, causing Asia-Pacific markets to plummet overnight. Japan’s Nikkei 225 Index fell 3.19%, leading the decline in Asian stock markets, while the Topix Index fell 2.79%.
“I think we don’t know yet whether (the United States) Freddie Lait, chief investment officer of Latitude Investment Management, told CNBC’s “Squawk Box Europe” on Wednesday: “The economy has done more than just slow the growth rate, or earnings are really picking up exponentially at an exponential rate. Meaningful way down.
“To me, it’s more about momentum and technicals than fundamentals right now, and frankly, that’s why we saw the big market crash and recovery last month. This is not personal, long-term, fundamental investing. promoters.
Wright added, “Momentum traders, macro traders, high-frequency traders, and all other players in the market all have different reasons for trading stocks on shorter time frames, or different types of investment philosophies that tend to result in these moves being larger than they have been in the past. Bigger, so I’m not trying to rationalize that.
In corporate news, Volvo Cars Shares of the Swedish automaker fell more than 4% after BNP Paribas analysts downgraded their rating on the Swedish automaker to underperform from neutral on Tuesday.
Volvo Cars shares remained lower after the company announced Wednesday afternoon that it would lower its electrification target to 90-100% all-electric sales from 100% by 2030. The company said the change was the result of “changing market conditions and customer demand” and “will allow for the sale of a limited number of mild hybrid models if required.”
Meanwhile, investors are watching drama in the auto industry Volkswagen Bosses held a tense town hall – attended by union representatives – to discuss potential closures of domestic plants.
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