Europe: Evonik and Richemont fall as stock markets slip
[LONDON] European shares slipped lower on Tuesday, as the prospect of a possible US interest rate increase in coming weeks knocked back global stock markets.
The pan-European FTSEurofirst 300 and STOXX 600 indexes both fell 0.5 per cent in early session trading.
Evonik was among the region's worst performers, dropping 6.4 per cent after private equity firm CVC placed Evonik shares onto the market at a discount price.
Luxury goods groups Richemont and Swatch also fell 1.5 per cent and 1.2 per cent respectively, after data showed that Swiss watch exports fell 11.1 per cent in April, compared to the previous year's figure.
However, shares in French household equipment manufacturer SEB surged 11 per cent as investors welcomed SEB's move to buy WMF, a German maker of coffee machines and silverware, from KKR in a deal worth 1.6 billion euros (S$2.5 billion) including debt.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Mixed trading in Asia as investors watch for further macro data; STI down 0.2%
Vietnam delays launch of new stock trading system
Hong Kong bourse regains favour on hopes of a market revival
Asia: Markets rise as strong US tech earnings offset poor data
Singapore shares open lower on Friday; STI down 0.1%
Stocks to watch: CLI, Great Eastern, MIT, Sheng Siong, iFast, OUE, Far East Orchard