European Shares Decline On Growth Worries, Rate Fears
(RTTNews) - European stocks declined on Monday and bond yields rose as last week's red-hot inflation data stoked expectations of aggressive interest rate hikes by the European Central Bank.
Growth worries returned to the fore after a survey showed manufacturing activity across the eurozone declined further last month as a result of rising inflationary pressures and concerns about the economic outlook.
S&P Global's final manufacturing Purchasing Managers' Index (PMI) fell to a 27-month low of 48.4 in September from August's 49.6. That was also a tad below the preliminary reading of 48.5.
The pan European Stoxx 600 was down a little over 1 percent at 383.95 after rallying 1.3 percent on Friday.
The German DAX dropped 0.9 percent, France's CAC 40 index fell 1.2 percent and the U.K.'s FTSE 100 was down 0.8 percent. The British pound edged higher after the British government reversed plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets.
Swiss bank Credit Suisse Group, which is facing growing scrutiny over its financial position, slumped 7.5 percent.
Santhera Pharmaceuticals Holding AG was moving higher. The drug maker has submitted a marketing authorization application to the European Medicines Agency (EMA) for vamorolone for the treatment of Duchenne muscular dystrophy.
Prosus N.V., a Dutch consumer internet group, fell 1.2 percent after announcing that its agreement to acquire Indian digital payments provider BillDesk has been terminated automatically.
RWE AG, a German energy firm, rose 1.5 percent after it agreed to buy Con Edison's Clean Energy Businesses for an enterprise value of $6.8 billion.
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