German, French, UK Shares Depreciate on Tuesday
By Investors Hub
European stocks haven fallen on Tuesday after a drop by Apple shares pressured the broader tech sector on Wall Street overnight and chemicals major BASF warned profits would nearly halve in the second quarter.
Meanwhile, caution prevailed ahead of Fed Chairman Jay Powell’s two-day testimony to Congress on Wednesday and Thursday, with markets waiting to see whether the language will be dovish enough after the release of a stronger than expected jobs report.
While the German DAX Index has slumped by 1 percent, the French CAC 40 Index is down by 0.4 percent and the U.K.?s FTSE 100 Index is down by 0.1 percent.
Swiss engineering firm ABB has moved notably lower after it announced an agreement to sell its solar inverter business to Italian company Fimer SpA.
Nordic lender Danske Bank has also tumbled after cutting its 2019 earnings forecast for the second time, citing weak trading and higher costs.
Remy Cointreau Group shares have also come under pressure. The company said its Chief Executive Officer Valerie Chapoulaud-Floquet will resign by the year-end due to personal reasons.
British Airways owner IAG has also dropped after the airline was slapped with a record fine of more than £183 million over a data-theft incidence.
On the other hand, online delivery firm Ocado has soared as it maintained an optimistic outlook in spite of the Andover-related disruption in February.