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Dec. 14, 2021, 10:09 a.m. EST

European stocks set for fourth-straight losing session as investors look ahead to central banks

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By Barbara Kollmeyer

European stocks fell into a fifth-straight losing session on Tuesday, dragged down by technology stocks, while investors waited for several important central bank meetings this week.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.63% fell 0.3% to 471.74, following a 0.4% drop on Monday, which marked four down consecutive sessions, the longest losing streak since Nov. 23. The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.63% dropped 0.5%, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.73% was unchanged, while the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.51% rose 0.2%.

The euro /zigman2/quotes/210561242/realtime/sampled EURUSD -0.7266% and the pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0479% were both up 0.2% against the dollar, as the greenback weakened across the board. Investors are awaiting the start of a two-day Federal Reserve meeting, where the U.S. central bank is expected to announce an acceleration of the tapering of its bond purchases and lay out any plans for interest-rate increases.

That announcement will come Wednesday, while the Bank of England and European Central Bank will gather Thursday.

The ECB “is also likely to indicate the end of its massive stimulus, $2.09 trillion, by next March. However, due to rising COVID-19 cases, the ECB may postpone its timeline until the European economy stabilizes, which would likely push the euro down,” said Naeem Aslam, chief market analyst at AvaTrade, in a note to clients.

Fresh data in Europe showed a 1.1% monthly rise in October industrial production, in line with expectations, and a 3.3% annual rise. The U.K. saw a strong payrolls gain of 257,000 for October, which “keeps our view of a 15bp hike on Thursday alive,” said George Buckley, research analyst at Nomura, in a note to clients.

As for stocks on the move, the biggest gainer was Vifor Pharma /zigman2/quotes/205554886/delayed CH:VIFN -1.80% , with shares climbing 14% after Australian firm CSL /zigman2/quotes/206911412/delayed AU:CSL -0.20% made an all-cash offer worth $11.7 billion for the Swiss speciality pharmaceutical group. Vifor’s board of directors recommended the offer.

Ocado /zigman2/quotes/207225647/delayed UK:OCDO +0.60% shares climbed 8% after the online grocer and retail-technology specialist said a U.S. International Trade Commission trial has found in favor of the company, with a ruling it hadn’t infringed on Norway-based Autostore Holdings /zigman2/quotes/230473169/delayed NO:AUTO -2.02% patents. The warehouse robot and technology company, whose shares fell 14%, said it would appeal.

A weak start for technology stocks on Wall Street fed into losses for Europe. The Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.44% was setting up for a second down day, with the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.10% lower.

Tech stocks overall were tilting lower, in step with losses in the U.S. Shares of ASML Holding /zigman2/quotes/210293876/composite ASML -1.44% , SAP /zigman2/quotes/207905606/composite SAP -2.10% /zigman2/quotes/202053813/delayed XE:SAP -1.47% , and Infineon Technologies /zigman2/quotes/203152288/delayed XE:IFX -0.74% all down by 1% or more.

/zigman2/quotes/210599654/delayed
XX : STOXX
434.31
+2.73 +0.63%
Volume: 0.00
May 25, 2022 5:50p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
14,007.93
+88.18 +0.63%
Volume: 64,007
May 25, 2022 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,298.64
+45.50 +0.73%
Volume: 75,142
May 25, 2022 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,522.75
+38.40 +0.51%
Volume: 747,508
May 25, 2022 4:56p
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/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.0658
-0.0078 -0.7266%
Volume: 0.0000
May 25, 2022 1:20p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2527
-0.0006 -0.0479%
Volume: 0.0000
May 25, 2022 1:20p
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/zigman2/quotes/205554886/delayed
CH : Switzerland: SWX
CHF 169.50
-3.10 -1.80%
Volume: 34,114
May 25, 2022 5:30p
P/E Ratio
76.41
Dividend Yield
1.18%
Market Cap
CHF11.19 billion
Rev. per Employee
CHF711,066
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/zigman2/quotes/206911412/delayed
AU : Australia: Sydney
$ 273.60
-0.55 -0.20%
Volume: 558,536
May 25, 2022 4:10p
P/E Ratio
39.90
Dividend Yield
1.13%
Market Cap
$132.06 billion
Rev. per Employee
$564,123
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/zigman2/quotes/207225647/delayed
UK : U.K.: London
769.60 p
+4.60 +0.60%
Volume: 4.20M
May 25, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£5.67 billion
Rev. per Employee
£129,131
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/zigman2/quotes/230473169/delayed
NO : Norway: Oslo
kr 18.90
-0.39 -2.02%
Volume: 4.13M
May 25, 2022 4:25p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
kr66.14 billion
Rev. per Employee
kr5.73M
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,314.29
+49.85 +0.44%
Volume: 2.19M
May 25, 2022 1:20p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,945.61
+4.13 +0.10%
Volume: 1.08B
May 25, 2022 1:20p
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/zigman2/quotes/210293876/composite
US : U.S.: Nasdaq
$ 538.55
-7.88 -1.44%
Volume: 466,301
May 25, 2022 1:20p
P/E Ratio
35.88
Dividend Yield
0.94%
Market Cap
$220.38 billion
Rev. per Employee
$692,828
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/zigman2/quotes/207905606/composite
US : U.S.: NYSE
$ 96.63
-2.07 -2.10%
Volume: 640,535
May 25, 2022 1:19p
P/E Ratio
19.65
Dividend Yield
1.55%
Market Cap
$116.38 billion
Rev. per Employee
$308,805
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/zigman2/quotes/202053813/delayed
XE : Germany: Xetra
90.63
-1.35 -1.47%
Volume: 2.27M
May 25, 2022 6:30p
P/E Ratio
21.54
Dividend Yield
2.15%
Market Cap
€108.50 billion
Rev. per Employee
€265,996
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/zigman2/quotes/203152288/delayed
XE : Germany: Xetra
26.85
-0.20 -0.74%
Volume: 3.73M
May 25, 2022 6:30p
P/E Ratio
21.73
Dividend Yield
1.01%
Market Cap
€35.20 billion
Rev. per Employee
€242,363
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