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June 7, 2021, 4:40 a.m. EDT

European stocks slip from record high

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By Steve Goldstein

European stocks edged back from record levels on Monday, as traders absorbed an environment where jobs growth is lagging behind the broader economic recovery.

Up 13% this year, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.69% slipped 0.1%, and the German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.16% fell 0.2% after closing Friday at a record high.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 -1.12% also perched lower. On Friday, the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.32% finished at its second-highest level, gaining ground after the Labor Department reported 559,000 new nonfarm jobs were created in May, which lagged behind economist forecasts for a second month.

Treasury Secretary Janet Yellen, herself a former Federal Reserve chair, over the weekend suggested higher interest rates would be a “plus” if the result of strong economic growth. Eurodollar futures however suggest the first U.S. central bank rate rise won’t occur until 2023.

The Group of Seven industrialized nations agreed to pursue a 15% global minimum tax for companies — aimed at big technology corporates who are able to license their intellectual property to subsidiaries in low-tax jurisdictions — but there is still a long road to implementation.

Flexible-office-space provider IWG /zigman2/quotes/207263311/delayed UK:IWG +0.78% tumbled 15%, after warning underlying earnings in 2021 would be well below the previous year’s result, due to lower-than-expected improvements in occupancy.

Argen-x /zigman2/quotes/209977721/delayed BE:ARGX +1.83% dropped 6%, after a Johnson & Johnson /zigman2/quotes/201724570/composite JNJ +0.35% subsidiary discontinued a collaboration agreement for its anti-CD70 antibody cusatuzumab.

Fertilizer maker Yara International /zigman2/quotes/200075065/delayed NO:YAR +0.93% rose 3%, after agreeing to collaborate with commodity trader Trafigura on developing and promoting ammonia as a clean fuel in shipping.

/zigman2/quotes/210599654/delayed
XX : STOXX
467.24
+3.19 +0.69%
Volume: 0.00
Nov. 29, 2021 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,280.86
+23.82 +0.16%
Volume: 95,659
Nov. 29, 2021 6:30p
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,599.00
-52.00 -1.12%
Volume: 113,457
Nov. 30, 2021 12:17a
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/zigman2/quotes/210599714/realtime
US : S&P US
4,655.27
+60.65 +1.32%
Volume: 2.50B
Nov. 29, 2021 4:57p
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/zigman2/quotes/207263311/delayed
UK : U.K.: London
283.00 p
+2.20 +0.78%
Volume: 1.65M
Nov. 29, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£2.83 billion
Rev. per Employee
£206,683
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/zigman2/quotes/209977721/delayed
BE : Belgium: Euronext Brussels
250.90
+4.50 +1.83%
Volume: 82,395
Nov. 29, 2021 5:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€12.55 billion
Rev. per Employee
€108,408
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/zigman2/quotes/201724570/composite
US : U.S.: NYSE
$ 159.75
+0.55 +0.35%
Volume: 9.19M
Nov. 29, 2021 4:00p
P/E Ratio
23.88
Dividend Yield
2.65%
Market Cap
$419.11 billion
Rev. per Employee
$613,918
loading...
/zigman2/quotes/200075065/delayed
NO : Norway: Oslo
kr 445.40
+4.10 +0.93%
Volume: 483,377
Nov. 29, 2021 4:26p
P/E Ratio
20.78
Dividend Yield
8.98%
Market Cap
kr112.41 billion
Rev. per Employee
kr6.42M
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