European Shares Slip As German Investor Morale Falls

(RTTNews) - European stocks fell in cautious trade on Tuesday after analysts warned the euro area's economy, including the zone's gross domestic product, could be impacted if Donald Trump were to win the presidential election in November.

Investors were also reacting to the results of a survey that showed German investor morale worsened more than expected in July.

The ZEW Economic Sentiment index fell from 47.5 to 41.8 in July, below expectation of 44.3 and marking the first decline in a year since July 2023.

The pan European STOXX 600 dropped 0.3 percent to 516.95 after falling 1 percent on Monday.

The German DAX dipped 0.4 percent, France's CAC 40 gave up half a percent and the U.K.'s FTSE 100 edged down 0.1 percent.

SCOR plummeted 26 percent. The French reinsurer issued a profit warning, saying it currently expects L&H insurance service result for the second quarter to be a loss of 0.4 billion euros, primarily driven by updates on reserves, and continued negative experience variance.

Luxury group Richemont rose over 1 percent as it reported a marginal rise in sales at constant exchange rates in the three months through June.

German fashion house Hugo Boss plummeted 9 percent as the company lowered its full-year outlook after a challenging second quarter amid weakening consumer demand in markets such as China and the U.K.

Miners slipped in London as copper prices eased on concerns about weakening Chinese demand. Anglo American, Antofagasta and Glencore fell 1-2 percent.

Rio Tinto gave up 2.5 percent after reporting second-quarter iron ore shipments below estimates.

Ocado shares jumped 15 percent after the online grocer raised profit forecasts for its key technology division.

B&M European Value Retail rallied 3.4 percent. The discount retailer sounded optimistic about achieving profitable, cash-generating growth for the full financial year after reporting a 2.4 percent revenue increase in Q1 FY2024.

Credit reporting company Experian declined 1.6 percent after the announcement of its chief operating officer's departure.