European shares fall as telecom, utilities drag amid recession worries



(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

Dec 8 (Reuters) - European shares fell on Thursday, with utilities and telecom firms leading declines amid growing fears of an impending recession.

The region-wide STOXX 600 .STOXX was down 0.1% at 0815 a.m. GMT.

The index dropped for a fourth straight session on Wednesday on rising concerns over a slowdown in economic growth ahead of a slew of interest rate decisions from major central banks next week.

Among STOXX 600 sectors, telecom .SXKP and utilities .SX6P fell about 0.6% and 0.5%, respectively, in early trading.

Real estate .SX86P stocks rose 0.7%, while energy .SXEP shares gained 0.3% as oil prices rebounded after slumping to the lowest levels so far this year in the previous session on optimism over China's easing of anti-COVID measures.

Ryanair RYA.I said on Wednesday that Group Chief Executive Michael O'Leary had agreed to extend his contract to 2028. Shares of Europe's largest airline were up 1.6%.

French automaker Renault RENA.PA fell 1.3%, as talks between Renault and Nissan Motor Co 7201.T over alliance restructuring are certain to spill into next year, Bloomberg reported on Thursday.

British American Tobacco BATS.L said it expects full-year revenue growth between 2% and 4% at constant currency rates, as more people use its e-cigarettes and oral nicotine products. Shares of the tobacco firm, however, slipped about 2%.
Reporting by Amruta Khandekar; Editing by Vinay Dwivedi

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.