The Business Times

Europe: Shares muted after three days of gains

Published Tue, Jul 6, 2021 · 03:33 PM

[BENGALURU] European stocks were off to a muted start on Tuesday following three sessions of gains as gloomy trading in Asia and an unexpected drop in German industrial orders offset a jump in commodity stocks.

The pan-European Stoxx 600 index fell 0.1 per cent by 7.17am GMT, with automakers sliding the most.

Data showed orders for German-made goods posted their sharpest slump in May since the first lockdown in 2020, hurt by weaker demand from countries outside the euro zone.

The oil and gas sector jumped 0.8 per cent as crude prices hit their highest levels since 2018 after Opec+ discussions were called off.

UK-listed oil majors BP and Royal Dutch Shell gained almost 1 per cent each.

French train maker Alstom fell 7.6 per cent to the bottom of the Stoxx 600 after it forecast negative free cash flow for its fiscal year.

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