FxNews—On Monday, European stock indexes saw declines. The Stoxx 50 was down by 0.9%, and the Stoxx 600 decreased by 0.7%. This happened as investors acted cautiously because of growing tensions in the Middle East. Most of the key market sectors ended the day with losses.
The STOXX 4-hour chart below demonstrates the price, support, and resistance levels. As of the writing, the index trades at approximately 31.1, declining from the median line of the bearish flag channel. Meanwhile, the Awesome Oscillator flipped below the signal line, meaning the downtrend could resume to the next resistance level at 30.
Insurance Down 0.9%, Oil and Gas Up 1.2% Amid Market Shifts
The insurance sector was among the worst hit, with a decrease of 0.9%. However, the oil and gas sectors saw some growth, with an increase of 1.2%.
Investors are watching the German tech giant SAP, whose stock fell by 0.9%. This is particularly interesting as SAP is about to announce its earnings for the third quarter. This follows a poor performance report from another tech company, ASML, which negatively influenced tech stocks last week.
- Next read: DAX Index Falls 0.9% Amid Earnings Anticipation.
Munich RE and Kering Shares Fall After Downgrades
Munich RE’s shares fell by approximately 3% after being downgraded by Jefferies. Similarly, Kering’s shares dropped by 2% after Citigroup downgraded them. On a positive note, JDE Peet’s stock soared by nearly 16% after JAB announced plans to buy 86 million shares from Mondelez.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
