© Reuters. Electronic screens show stock trading activity on the German DAX index at the Frankfurt Stock Exchange on Wednesday. Photo: Reuters. (Reuters) – European stocks fell for a fifth straight day on Wednesday as negative reports from brokerages on property owners in Britain hurt real estate stocks, while recent moves weighed on shares of Dutch insurers and Swiss bank UBS. .
The European index fell 0.2 percent, closing at its lowest level in six months.
The European real estate sector index fell 2 percent.
Land Securities, British Land and Derwent London shares fell between 3.4 percent and 4.3 percent.
Overall, market sentiment remained pessimistic with investors on the likelihood of major central banks keeping interest rates high for longer, and a slump in China’s real estate sector added to negative sentiment.
The STOXX 600 index appeared to be on track for its first quarterly loss in four years, while the German index turned out to be the worst performer at the regional level.
Meanwhile, shares of Dutch insurers took a hit after court rulings raised the prospect of huge damage claims in a long-running battle over investment-linked products.
NN shares fell 18.8 percent, while ASR shares fell 14.2 percent.
Shares of UBS Bank fell about three percent after the U.S. Justice Department stepped up scrutiny of cases of suspected noncompliance with rules that helped clients from Russia avoid sanctions.
H&M shares, on the other hand, rose 3.4 percent after the world’s second-largest clothing retailer reported a slightly larger-than-expected increase in its quarterly profit, supported by cost cuts.
(Prepared by Rehab Ala for Arabic Bulletin)
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