Europe open: Markets fall as weaker Asia dampens sentiment
European stocks fell sharply at the opening as Asian markets closed lower on cautious economic sentiment and worries about the pace of China’s economic recovery.
The pan-European Stoxx 600 index was down almost 1% in early trade with all major regional bourses falling by at least the same.
Investors were also keeping an eye on the latest US jobless claims figures out this afternoon. Economists forecast 350,000 first-time applicants for unemployment benefits for the week to July 3.
Asia-Pacific shares fell as Chinese tech stocks in Hong Kong came under pressure after regulatory fears resurfaced.
Beijing recently announced a stepping up in oversight on Chinese listings in the US after a recent crackdown on ride-hailing giant Didi and other tech firms.
In equity news, remote connectivity software specialist Teamviewer slumped more than 10% after the company reported weaker-than-expected billings growth in the second quarter.
B&M Value Retail shares fell 2.8% despite the company reporting a strong start to the year as it reported first-quarter UK like-for-like sales up by more than a fifth compared with pre-pandemic levels.
German automotive lighting group Hella slipped 1.5% after brakes maker Knorr-Bremse dropped plans to acquire a 60% stake in the company. Knorr-Bremse shares jumped 7.5%.
In the UK, Deliveroo rose 2.3% after it posted 88% jump in orders during the June quarter.