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Thursday, June 1, 2023
NewsDebt ceiling crisis pushes European stocks to record worst daily performance in...

Debt ceiling crisis pushes European stocks to record worst daily performance in two months


In statements to Speaker of the House of Representatives Kevin McCarthy, he said negotiations with the White House on raising the US debt ceiling are still ongoing due to the dispute over the issue of basic spending, which which indicates that both sides are still a long way off, just eight days before the government faces an unprecedented stumbling block.

U.S. stocks fell to session lows after McCarthy’s remarks, as investors watched the talks closely for any signs of progress.

In contrast, European luxury goods stocks continued their sharp decline, which yesterday caused the wealth of the world’s richest person, Bernard Arnault, to drop by $ 11.2 billion in one day, after that the LVMH share fell by 5% in Paris. Tuesday, which is the biggest drop in the stock in more than a year.

stock movements

  • The European Stoxx 600 index closed down 1.8%, its worst daily performance since mid-March, with all European domestic markets falling.
  • Real estate stocks suffered the biggest losses, with their index falling 3%, and indices for the tourism, travel and insurance sectors falling more than 2% each.

  • The index of European luxury goods companies fell 1.7% to its lowest level in seven weeks, as the selling wave continues in shares of the sector, after rising sharply this year.

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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


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