European Stocks Fall After Wall Street Sell-off; UK Market Closed
May 2, 2022
European markets started the month of May on a weaker footing, with investors monitoring monetary policy, inflation data, and sharp moves on Wall Street.
The German DAX was down 0.7% in early deals, while the French CAC was down 0.9%. The U.K.’s FTSE 100 is closed for a public holiday and trading volumes are expected to be impacted.
German retail sales out Monday morning showed an unexpected fall in March. The Federal Statistics Office said sales were down 0.1% for the month in real terms.
Meanwhile, global investors continue to monitor the war in Ukraine and its geopolitical implications.
EU leaders are set to work on a Russian oil embargo this week. Over the weekend, the United Nations and the International Committee of the Red Cross began evacuating civilians from the besieged southern port city of Mariupol. That operation is set to continue on Monday.
On Wall Street, U.S. stock index futures were higher during overnight trading after the Nasdaq Composite Index posted its worst month since 2008, pressured by rising rates, rampant inflation, and underwhelming earnings from some of the largest technology companies.
Shares in Asia-Pacific slipped on Monday, with data released over the weekend showing Chinese factory activity contracted in April.
Back in Europe, shares of wind turbine firm Vestas were down 6.5% after cutting its guidance. Airbus shares were down 0.6% despite taking a large order from airline Qantas for its London-Sydney route.
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