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Tuesday, September 26, 2023


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Foreign AffairsEuropean stocks fall hurt by concerns over the outcome of debt ceiling talks

European stocks fall hurt by concerns over the outcome of debt ceiling talks

Following Tuesday’s meeting between US President Joe Biden and Republican House Speaker Kevin McCarthy, the US President said the meeting was good and fruitful regarding raising the US debt ceiling, but he also pointed out that “there is still work to be completed.”

He said he was convinced that the negotiators would continue to make progress to avoid default. He said Republicans refused to discuss raising taxes.

market performance

And at 07:16 GMT, the Stoxx 600 index of European stocks fell 0.3%, with financial services and property companies leading the losses.

Euronext shares fell 4.2% after the financial markets operating company reported lower revenues and profits in the first quarter of the year, and London Stock Exchange Group shares fell 4.2%, after a consortium of investors including US payments firm Blackstone and Thomson Reuters sold shares at a value of around 2.7%, or £1bn ( $3.41 billion).

Germany’s Commerzbank fell 3.7% despite doubling its net profit in the first quarter of the year.

Shares of UBS Group stabilized after the Swiss bank announced it expected to suffer a financial loss of around $17 billion following the acquisition of Credit Suisse.

But Germany’s SABB rose 1.6% after the software company raised its 2025 profit forecast and announced a share buyback worth up to five billion euros.

Shares of German “Siemens” rose 2.7% after the engineering and technology company raised its full-year sales and profit forecast.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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