Gold hits all-time highs on prospects of three Fed cuts – Markets in a Minute

China’s economic slowdown weighs on Europe

European stock markets ended another session trading lower, as the slowdown in the Chinese economy continues to put pressure on shares in the region.

The mining and energy sectors were the biggest losers of the day, while pressure increased on the luxury industry, which yesterday had a “black day” thanks to Hugo Boss, with sales at Richemont slowing down.

The European benchmark index, Stoxx 600, fell 0.28% to 517.30 points. European stock markets were pressured by the automotive (1%), basic resources (1.70%) and insurance (0.99%) sectors.

On the other hand, the construction and retail sectors suffered major losses in the benchmark, growing by 0.71% and 0.50%, respectively.

Among the main market movements, the German Hugo Boss continued to plummet, this time by 7.5%, after cutting its shares on Monday. sales and profit forecasts for this year, justified by the weakening of global demand, especially in China and the United Kingdom.

In the mining sector, the highlight was British company Rio Tinto, which slipped 2.5% after reporting iron ore shipments below expectations in the second quarter.

The energy sector was affected by the almost 1% devaluation in crude oil prices, which continue to be pressured by the decline in the Chinese economy.

Also in focus is French insurer Scor, which plunged 24.6% to its lowest value since March 2023, on the back of the healthcare unit’s guidance cut.

In the remaining major markets in Western Europe, the German Dax fell by 0.39%, the Italian FTSEMIB lost a slight 0.02%, the Spanish IBEX 35 fell by 0.47%, the British FTSE 100 fell by 0.22% and the Dutch AEX fell by 0.43%. The French CAC-40 also lost 0.69%.