European stocks were muted on Wednesday as investors digest global market moves, particularly a pullback in the U.S. market on Tuesday, APA reports citing CNBC.
The pan-European Stoxx 600 slipped 0.1% below the flatline, with travel and leisure stocks shedding 1% as Covid-19 restrictions tighten in mainland Europe, while autos gained 0.6%
European markets are facing some uncertainty Wednesday, with investors digesting moves in the U.S. markets and the latest international growth forecasts from the International Monetary Fund.
The major U.S. averages pulled back from record highs on Tuesday to end the session in the red despite strong economic data — including March’s jobs report that beat expectations — which fueled stocks’ rise in recent sessions. All three major U.S. averages are coming off their fourth straight quarter of gains as the economic recovery from Covid-19 accelerates.
Markets are also digesting the IMF’s decision to raise its 2021 growth outlook for the global economy to 6%, up from January’s forecast of 5.5%.
It said that “a way out of this health and economic crisis is increasingly visible.” However, it warned of “daunting challenges” given the varied pace of vaccine rollouts around the world.
Asia-Pacific markets were mostly higher Wednesday as major indexes in Australia, Japan and South Korea notched gains while stocks in mainland China and Hong Kong lost ground.
There were no major earnings released Wednesday; on the data front, euro zone final composite purchasing manager’s index data is published, Italian retail sales for February are due, as well as Dutch inflation data for March.
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