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Stocks on the Backfoot as Wall Street Weakness Spreads to Europe

  • The negative close on Wall Street after Wednesday's Fed rate decision has bled into European markets this morning, with most indices in minor negative territory. The UK's FTSE-100 leads losses with a 0.6% step lower, while Spain's IBEX-35 outperforms modestly, and is the sole index in the green.
  • Thursday's move has dragged the Stoxx600 off the alltime highs printed on June 14th, with utilities and real estate leading the way lower. Financials are the sole gainer on a sector-by-sector breakdown, benefiting from steeper global yield curves after yesterday's Fed decision.
  • Notable movers in Europe include travel names easyJet, TUI AG, and Ryanair, who all trade firmer, while precious metals miners including Polymetal International and Evraz slide alongside weaker metals prices.
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