European shares down on Monday midday

European shares experienced a downturn on Monday, following the European Central Bank’s (ECB) interest rate cut last Thursday.

By 5:45 ET (9:45 GMT), the pan-European STOXX 600 index was down 0.44 per cent. Germany’s DAX fell 0.48 per cent after a report showed a decrease in producer prices for September, while France’s CAC 40 dropped by 0.41 per cent.

Switzerland’s SMI declined 0.14 per cent, the UK’s FTSE 100 fell by 0.01 per cent, and Spain’s IBEX 35 decreased by 0.44 per cent.

The downturn was driven by significant losses in the beauty sector, notably for companies like Louis Vuitton and L’Oréal, alongside declines in the automobile sector, impacting major players such as Volkswagen, BMW, Mercedes-Benz, Stellantis NV, Porsche, and Renault.

Attribution: investing.com, Amwal Al Ghad English, Reuters

Subediting: Y.Yasser