Europe open: Markets fall again as wind companies fall flat
European stocks fell again as markets opened on Thursday with wind energy companies on the slide after Siemens Energy posted a downbeat margin outlook.
The pan-European Stoxx 600 index was down 0.55% with all major regional bourses lower.
Investors were also digesting comments from US Federal Reserve Chairman Jerome Powell’s who sought to quell investors’ fears about a rollback of central bank stimulus, even as inflation rose. Powell said the economy is “a ways off” from where it needs to be for a change in policy.
Siemens Energy dropped 10% after it scrapped its margin target as wind power division Siemens Gamesa was hit by higher-than-expected raw material and product ramp-up costs.
Shares in Siemens Gamesa fell 15%, while shares in wind turbine maker Vestas were down 6%.
Oil majors Royal Dutch Shell and BP fell almost 3%, as crude prices fell on expectations of more supplies after a compromise between top OPEC producers on Wednesday.
Shares in cybersecurity firm Avast topped the Stoxx with a gain of 12.6% as the company confirmed it was in advanced merger talks with US peer NortonLifeLock.
Credit-checking firm Experian rose after lifting full-year guidance as it reported a jump in first-quarter revenues, with all regions and segments delivering growth.
Just Eat Takeaway.com was weaker even after it said losses had peaked and it expected to move back into profit after orders increased by more than half in the first six months of 2021.