Bulletin
Investor Alert

Europe Markets Archives | Email alerts

April 23, 2021, 4:15 a.m. EDT

Wall Street tax hangover weighs on European markets

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    STOXX Europe 600 Index (SXXP)
  • X
    DAX (DAX)
  • X
    FTSE 100 Index (UKX)

or Cancel Already have a watchlist? Log In

By Barbara Kollmeyer

European stocks struggled for traction on Friday, taking a cue from a weaker close on Wall Street sparked by reports that wealthy Americas were facing a hike in capital-gains taxes.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.34% was slightly lower at 439.60, following the third-highest close in history and a gain of 0.7% on Thursday. On a weekly basis, the index is thus far down 0.7%, which would mark the first weekly fall since late February.

The German DAX /zigman2/quotes/210597999/delayed DX:DAX -0.21% slipped 0.2%, the French CAC 40 index /zigman2/quotes/210598409/delayed UK:UKX +1.04% rose 0.1% and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +1.04% dipped 0.2%. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0498% was up about 0.3% against the U.S. dollar at $1.3882.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 -0.04% /zigman2/quotes/210219788/delayed NQ00 -0.06% /zigman2/quotes/210407078/delayed YM00 -0.05% inched higher, hinting at a bounce for equities later. Thursday’s session left the Dow Jones Industrial Average with a 321-point loss, following a report on Bloomberg News that President Joe Biden would propose nearly doubling the capital-gain taxes rate for wealthy Americans. The S&P 500 /zigman2/quotes/210599714/realtime SPX -1.04% and Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -1.59% lost 0.9% each.

There were encouraging signs in fresh European economic data. The IHS Markit eurozone purchasing managers index (PMI) composite output index rose to a nine-month high of 53.7, with the flash eurozone manufacturing output PMI at a record high and the services PMI at an eight-month high.

“In a month during which virus containment measures were tightened in the face of further waves of infections, the eurozone economy showed encouraging strength,” said Chris Williamson, chief business economist at IHS Markit.

The auto sector was leading European stock gains, with shares of Daimler up 1.6%. The German luxury car maker increased the margin targets for its Mercedes-Benz and Mobility divisions for the year, after profit and revenue increased in the first quarter.

Remy Cointreau /zigman2/quotes/206802273/delayed FR:RCO +1.31% reported sales rose slightly in its full fiscal year, adjusted for currency effects, as strong cognac sales lifted fourth-quarter revenue. Shares of the French drinks group slipped 0.4%. Shares of rival drinks maker Diageo /zigman2/quotes/205611832/delayed UK:DGE +0.90% fell 1.6%.

The banking and pharmaceutical sectors were under pressure, with shares of AstraZeneca /zigman2/quotes/200304487/composite AZN +0.46% /zigman2/quotes/203048482/delayed UK:AZN +3.20% down over 1%. Stock in major oil companies were also weighing on the index, with shares of BP /zigman2/quotes/207305210/composite BP -0.14% /zigman2/quotes/202286639/delayed UK:BP +1.51% and Royal Dutch Shell down 1.8% and 0.6%, respectively.

/zigman2/quotes/210599654/delayed
XX : STOXX
460.77
+1.57 +0.34%
Volume: 0.00
Feb. 3, 2023 11:03p
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,476.43
-32.76 -0.21%
Volume: 0.00
Feb. 3, 2023 6:30p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,901.80
+81.64 +1.04%
Volume: 620,645
Feb. 3, 2023 4:55p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,901.80
+81.64 +1.04%
Volume: 620,645
Feb. 3, 2023 4:55p
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2048
-0.0006 -0.0498%
Volume: 0.0000
Feb. 3, 2023 4:59p
loading...
/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,146.00
-1.75 -0.04%
Volume: 2.26M
Feb. 3, 2023 3:59p
loading...
/zigman2/quotes/210219788/delayed
US : U.S.: CME
$ 12,616.50
-7.50 -0.06%
Volume: 812,385
Feb. 3, 2023 3:59p
loading...
/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 33,946.00
-16.00 -0.05%
Volume: 223,044
Feb. 3, 2023 3:59p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,136.48
-43.28 -1.04%
Volume: 0.00
Feb. 3, 2023 4:54p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
12,006.95
-193.86 -1.59%
Volume: 6.01B
Feb. 3, 2023 5:16p
loading...
/zigman2/quotes/206802273/delayed
FR : France: Euronext Paris
178.00
+2.30 +1.31%
Volume: 50,479
Feb. 3, 2023 5:35p
P/E Ratio
30.54
Dividend Yield
1.04%
Market Cap
€8.85 billion
Rev. per Employee
€797,661
loading...
/zigman2/quotes/205611832/delayed
UK : U.K.: London
3,578.50 p
+32.00 +0.90%
Volume: 1.86M
Feb. 3, 2023 4:35p
P/E Ratio
22.89
Dividend Yield
2.17%
Market Cap
£80.91 billion
Rev. per Employee
£592,303
loading...
/zigman2/quotes/200304487/composite
US : U.S.: Nasdaq
$ 63.44
+0.29 +0.46%
Volume: 4.83M
Feb. 3, 2023 4:00p
P/E Ratio
97.18
Dividend Yield
2.24%
Market Cap
$198.48 billion
Rev. per Employee
$544,657
loading...
/zigman2/quotes/203048482/delayed
UK : U.K.: London
10,578.00 p
+328.00 +3.20%
Volume: 1.73M
Feb. 3, 2023 4:35p
P/E Ratio
96.44
Dividend Yield
2.10%
Market Cap
£163.94 billion
Rev. per Employee
£426,154
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 35.15
-0.05 -0.14%
Volume: 10.28M
Feb. 3, 2023 4:00p
P/E Ratio
N/A
Dividend Yield
3.86%
Market Cap
$105.92 billion
Rev. per Employee
$3.38M
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
486.05 p
+7.25 +1.51%
Volume: 26.85M
Feb. 3, 2023 4:35p
P/E Ratio
N/A
Dividend Yield
4.08%
Market Cap
£87.49 billion
Rev. per Employee
£2.66M
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.