Salem Radio Network News Sunday, July 3, 2022

Business

European shares join global selloff on growth worries

(Reuters) – European shares fell sharply at the open on Tuesday, tracking declines in global stock markets on renewed growth worries, with investors watching out for May Purchasing Managers Index data due in the morning session.

The pan-European STOXX 60 index tumbled 1% by 0708 GMT, after beginning the week 1.3% stronger on Monday. All major sectors fell, with utilities and commodity-linked stocks leading declines.

China shares dropped 2% weighing on Asian markets, while U.S. stock futures declined sharply as more dour corporate results evidenced the hit from surging inflation and slowing growth.

Snap Inc cuts its quarterly forecast, triggering an after-market rout in its shares. Frankfurt-listed shares of Snap tumbled 34.6%.

The global economic outlook has “darkened”, political and business leaders gathering for the World Economic Forum at Davos warned.

The Purchasing Managers Index data due shortly is expected to show euro zone manufacturing growth slipped slightly in May over April.

Among individual stocks, Norwegian advertising firm Adevinta rose 3.8% on posting a higher-than-forecast first-quarter core profit.

Tele2 plunged 8.1% after investment company Kinnevik sold a 7.2% stake in the telecoms operator.

(Reporting by Susan Mathew in Bengaluru; Editing by Sriraj Kalluvila)

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