Europe midday: Shares slip into red on taper fears, German data

by | Aug 20, 2021

European shares slid into the red by midday on Friday with investors still fretting over winding down of global monetary stimulus, a spike in Covid cases and.
The pan-European Stoxx 600 was down 0.24% after Thursday’s 1.5% slump driven by signals from the US Federal Reserve that it could start tapering asset purchases later this year.

Germany’s DAX slipped 0.40% as data showed producer prices jumped 10.4% year-on-year in July. Economists had expected a rise of 9.2%.

The UK’s FTSE 100 was down 0.2% after an unexpected fall in July retail sales as people spent less on groceries and more on going out and as the boost from the Euros faded, according to figures released by the Office for National Statistics.

“The story markets appear to be telling us is they aren’t concerned about a Fed taper, but are concerned about a slowing global recovery story,” said CMC Markets analyst Michael Hewson.

In equity news, UK food and clothing retailer Marks & Spencer surged to the top of the Stoxx with a 11.28% rise after lifting annual profits guidance on the back of a surge in summer sales.

Supermarket Morrisons jumped 4.26% after agreeing a takeover offer worth £7bn.

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