European shares fall as energy stocks weigh; focus on U.S. jobs data

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 4, 2022. REUTERS/Staff

Aug 5 (Reuters) – European shares edged lower on Friday as crude prices continued to weigh on energy stocks, with all eyes on U.S. jobs data expected later in the day.

The pan-European index STOXX 600 (.STOXX) was down 0.1% amid worries that the U.S. Federal Reserve’s aggressive pace of rate hikes would slow economic growth in the world’s largest economy. read more

The oil and gas sector (.SXEP) fell 1% as crude prices languished near their lowest since the start of the conflict in Ukraine, with markets juggling concerns of supply shortage and slower demand.

Company results were mixed on Friday, with Deutsche Post (DPWGn.DE) up 6.4% on posting double-digit growth in revenue and earnings. read more

London Stock Exchange Group (LSEG.L) gained 2.6% on saying costs and savings targets for integrating its $27 billion acquisition of data company Refinitiv remain unchanged and it was launching a 750 million pound ($910.65 million) share buy-back. read more

German insurer Allianz fell 2.1% on reporting a worse-than-expected 23% fall in second-quarter net profit. read more

“It is quite understandable that investors, especially institutional, are rethinking their portfolios and fundamentals are likely to drive investment decisions over the near-to-medium term,” Kunal Sawhney, chief executive officer at Kalkine Group, said.

Credit Suisse (CSGN.S) fell 1.1% in early trading after Fitch Ratings downgraded the bank and a local media report said it was among the lenders at big risk from Mexican finance company Credito Real’s bankruptcy. read more

The embattled Swiss bank’s shares are down 41% so far this year, compared with a 15.5% decline in the European banking index (.SX7E).

Miners (.SXPP) rose 0.6% as copper and most other base metals continued to find support from a weaker U.S. dollar.

Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 4, 2022. REUTERS/Staff

Aug 5 (Reuters) – European shares edged lower on Friday as crude prices continued to weigh on energy stocks, with all eyes on U.S. jobs data expected later in the day.

The pan-European index STOXX 600 (.STOXX) was down 0.1% amid worries that the U.S. Federal Reserve’s aggressive pace of rate hikes would slow economic growth in the world’s largest economy. read more

The oil and gas sector (.SXEP) fell 1% as crude prices languished near their lowest since the start of the conflict in Ukraine, with markets juggling concerns of supply shortage and slower demand.

Company results were mixed on Friday, with Deutsche Post (DPWGn.DE) up 6.4% on posting double-digit growth in revenue and earnings. read more

London Stock Exchange Group (LSEG.L) gained 2.6% on saying costs and savings targets for integrating its $27 billion acquisition of data company Refinitiv remain unchanged and it was launching a 750 million pound ($910.65 million) share buy-back. read more

German insurer Allianz fell 2.1% on reporting a worse-than-expected 23% fall in second-quarter net profit. read more

“It is quite understandable that investors, especially institutional, are rethinking their portfolios and fundamentals are likely to drive investment decisions over the near-to-medium term,” Kunal Sawhney, chief executive officer at Kalkine Group, said.

Credit Suisse (CSGN.S) fell 1.1% in early trading after Fitch Ratings downgraded the bank and a local media report said it was among the lenders at big risk from Mexican finance company Credito Real’s bankruptcy. read more

The embattled Swiss bank’s shares are down 41% so far this year, compared with a 15.5% decline in the European banking index (.SX7E).

Miners (.SXPP) rose 0.6% as copper and most other base metals continued to find support from a weaker U.S. dollar.

Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.