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March 12, 2021, 8:45 a.m. EST

European stocks struggle as U.S. Treasury yields resume their climb

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By Barbara Kollmeyer

European stocks slipped on Friday, as Wall Street equities pointed lower and U.S. Treasury yields resumed their climb.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.89% fell 0.4% to 422.57 after a four-session winning streak. The German DAX /zigman2/quotes/210597999/delayed DX:DAX +1.34% dropped 0.5%, while the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.45% and FTSE 100 indexes /zigman2/quotes/210598409/delayed UK:UKX +0.76% were flat. The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.8122% and pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0072% fell against the dollar /zigman2/quotes/210598269/delayed DXY -0.79% , which strengthened across the board.

A familiar scenario was emerging for investors, as the yield on the U.S. 10-year Treasury  /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y 0.00% rose back above 1.6%, a day after dipping below 1.5% for the first time in a week . U.S. stocks were set for a lower open , led by technology stocks /zigman2/quotes/210598365/realtime COMP +0.88% .

Some cited a crackdown on technology companies in China as adding to pressure on technology stocks.  China’s market regulator said Friday  it had imposed fines on twelve companies, including WeChat owner Tencent /zigman2/quotes/204605823/delayed HK:700 -1.72% , search engine Baidu /zigman2/quotes/209050136/composite BIDU -0.41% , ride-hailing giant Didi Chuxing and Japan’s SoftBank /zigman2/quotes/207303954/delayed JP:9984 -0.40% .

European and U.S. stocks climbed Thursday after President Joe Biden signed a $1.9 trillion stimulus bill into law, and the European Central Bank said it would speed up its bond buying plan as it continues to battle the effects of the pandemic on economies.

Read: The ECB just fired back against rising bond yields, catching traders off guard

While the ECB’s stance spurred gains for the region’s bonds on Thursday, those assets were under some pressure again Friday. The 10-year German government bond yield  /zigman2/quotes/211347112/realtime BX:TMBMKDE-10Y 0.00% rose 2 basis points to negative 0.308%. The yield on the 10-year U.K. gilt /zigman2/quotes/211347177/realtime BX:TMBMKGB-10Y 0.00% rose 5 basis points to 0.794%.

Data showed the U.K. economy shrank 2.9% in January, with weakness led by the services sector amid lockdowns and as new Brexit trading arrangements hit exports, the Office for National Statistics said Friday .

Among stocks on the move, tech weakness was showing up in Europe, with shares of ASML Holding /zigman2/quotes/210293876/composite ASML +2.21% /zigman2/quotes/206208657/delayed NL:ASML +2.66% and STMicroelectronics /zigman2/quotes/207734906/composite STM +2.11% /zigman2/quotes/203551318/delayed IT:STM +2.79% each down at least 1%.

Burberry /zigman2/quotes/205386705/delayed UK:BRBY +0.37% shares jumped 7% after the luxury-goods group forecast fiscal 2021 revenue and adjusted operating profit to come in ahead of expectations.

/zigman2/quotes/210599654/delayed
XX : STOXX
444.93
+3.91 +0.89%
Volume: 0.00
May 7, 2021 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,399.65
+202.91 +1.34%
Volume: 74,562
May 7, 2021 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,385.51
+28.42 +0.45%
Volume: 78,606
May 7, 2021 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,129.71
+53.54 +0.76%
Volume: 605,971
May 7, 2021 4:59p
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/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.2165
+0.0098 +0.8122%
Volume: 0.0000
May 7, 2021 4:59p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.3974
-0.0001 -0.0072%
Volume: 0.0000
May 7, 2021 4:59p
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/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
90.23
-0.72 -0.79%
Volume: 0.00
May 7, 2021 4:59p
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.58
0.00 0.00%
Volume: 0.00
May 7, 2021 4:55p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,752.24
+119.39 +0.88%
Volume: 3.97M
May 7, 2021 5:16p
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 600.00
-10.50 -1.72%
Volume: 17.46M
May 7, 2021 4:08p
P/E Ratio
32.11
Dividend Yield
0.27%
Market Cap
HK$5708.14 billion
Rev. per Employee
HK$10.55M
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/zigman2/quotes/209050136/composite
US : U.S.: Nasdaq
$ 191.55
-0.78 -0.41%
Volume: 7.43M
May 7, 2021 4:00p
P/E Ratio
20.20
Dividend Yield
N/A
Market Cap
$67.56 billion
Rev. per Employee
$378,365
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/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 10,000.00
-40.00 -0.40%
Volume: 6.74M
May 7, 2021 3:00p
P/E Ratio
12.94
Dividend Yield
0.00%
Market Cap
¥17609.08 billion
Rev. per Employee
¥76.45M
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/zigman2/quotes/211347112/realtime
add Add to watchlist BX:TMBMKDE-10Y
BX : Tullett Prebon
-0.21
0.00 0.00%
Volume: 0.00
May 7, 2021 6:07p
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/zigman2/quotes/211347177/realtime
add Add to watchlist BX:TMBMKGB-10Y
BX : Tullett Prebon
0.78
0.00 0.00%
Volume: 0.00
May 7, 2021 5:00p
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/zigman2/quotes/210293876/composite
US : U.S.: Nasdaq
$ 658.57
+14.23 +2.21%
Volume: 573,866
May 7, 2021 4:00p
P/E Ratio
52.11
Dividend Yield
0.42%
Market Cap
$275.07 billion
Rev. per Employee
$567,632
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/zigman2/quotes/206208657/delayed
NL : Netherlands: Euronext Amsterdam
543.90
+14.10 +2.66%
Volume: 674,120
May 7, 2021 5:35p
P/E Ratio
50.57
Dividend Yield
0.51%
Market Cap
€226.54 billion
Rev. per Employee
€497,934
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/zigman2/quotes/207734906/composite
US : U.S.: NYSE
$ 37.33
+0.77 +2.11%
Volume: 1.78M
May 7, 2021 4:00p
P/E Ratio
26.95
Dividend Yield
0.38%
Market Cap
$33.99 billion
Rev. per Employee
$223,547
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/zigman2/quotes/203551318/delayed
IT : Italy: Milan
30.95
+0.84 +2.79%
Volume: 4.94M
May 7, 2021 5:35p
P/E Ratio
26.58
Dividend Yield
0.64%
Market Cap
€27.99 billion
Rev. per Employee
€194,807
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/zigman2/quotes/205386705/delayed
UK : U.K.: London
2,191.00 p
+8.00 +0.37%
Volume: 868,205
May 7, 2021 4:35p
P/E Ratio
430.45
Dividend Yield
0.00%
Market Cap
£8.85 billion
Rev. per Employee
£250,748
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