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SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

Hawkish Powell comments, Omicron worries drag down European stocks

11/30/2021 | 12:25pm EST
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) -European stocks fell on Tuesday after U.S. Federal Reserve chair Jerome Powell warned U.S. inflation may not be transitory and as worries about the efficacy of existing vaccines against the Omicron COVID-19 variant weighed on investors.

The pan-European STOXX 600 closed down 0.9%, after having fallen up to 1.6% during the session to seven week lows.

During his testimony to the Senate Banking Committee, Powell said the Fed would use its tools to cool prices, and might consider tapering bond purchases sooner than decided.

The Fed will wait for more details on Omicron before deciding on monetary policy, Powell said, raising further anticipation about the December meeting.

"Another bout of commentary from Jerome Powell over the economic and inflation risks posed by this latest COVID strain highlight how the bank still remains in position to tighten policy further if necessary," said Joshua Mahony, senior market analyst at IG.

The travel and leisure sector led losses in Europe, down 2.8%, taking monthly losses to 20.6% - the worst month since March 2020.

British airline easyJet slid 1.2% after reporting softer demand following the emergence of the Omicron variant.

Pandemic-sensitive sectors slumped last week when the variant was first detected in South Africa, wiping out roughly $2 trillion off the value of global stocks on Friday.

Capping losses on Tuesday were material stocks, rising about 0.1%.

Powell's comments also put the European Central Bank's stance back in focus, especially with German inflation hitting highest in decades. Commentary from ECB members this month showed they are still holding to the transitory inflation narrative.

The STOXX 600 lost 2.6% in November, after rising 4.6% last month.

Among stocks, video games maker CD Projekt plunged 4.6% after its profit fell significantly short of expectations in the third quarter.

Spanish fashion retailer Inditex fell 6.1% after saying that Marta Ortega, daughter of its founder, will replace Pablo Isla, who successfully led the company for a decade.

Money transfer company Wise Plc jumped 7.7%, after it lifted its full-year revenue growth forecast on Tuesday after seeing it jump by a third in the first half.

(Reporting by Sruthi Shankar and Anisha Sircar in Bengaluru; Editing by Uttaresh.V, Arun Koyyur and Alison Williams)

By Anisha Sircar and Susan Mathew

ę Reuters 2021
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Euro Stoxx 50 Technical Analysis Chart | MarketScreener
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Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
Top / Flop EURO STOXX 50
DEUTSCHE BÖRSE AG 162.75 Delayed Quote.0.87%
DANONE 57.84 Real-time Quote.0.56%
AMADEUS IT GROUP, S.A. 62.3 Delayed Quote.0.19%
INTESA SANPAOLO S.P.A. 2.552 Delayed Quote.0.02%
KONE OYJ 59 Delayed Quote.-2.51%
BNP PARIBAS 62.44 Real-time Quote.-2.60%
ADYEN N.V. 1840.6 Real-time Quote.-2.71%
DEUTSCHE POST AG 52.47 Delayed Quote.-2.94%
FLUTTER ENTERTAINMENT PLC 131.25 Real-time Quote.-4.16%
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