European Stocks Fall for Sixth Session, Energy Pressure Remains
European stocks closed lower for the sixth consecutive session on Monday (April 27th), pressured by persistently high energy prices and a worsening macroeconomic environment for major issuers. The Euro Stoxx 50 Index fell 0.4% to 5,861, while the Stoxx 600 weakened 0.3% to 609.
The market briefly weighed on reports that Iran had submitted a new proposal to the US to reopen the Strait of Hormuz and end the conflict, with nuclear talks postponed to a later stage. However, flows through the chokepoint remained stagnant and energy prices remained high, containing inflation risks. This situation fueled expectations that the ECB would maintain a more hawkish bias in its interest rates at this week's meeting, with some market participants still pricing in the possibility of a rate hike in the current quarter.
Sectorally, technology stocks led the decline, with ASML down 3% and Prosus down 2%. Siemens Energy also fell 5.5%, paring some of last week's rally.
Source: Newsmaker.id
