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    ROO   GB00BNC5T391


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

European stocks a sea of red as bonds rally

07/08/2021 | 04:50am EDT
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

* STOXX 600 posts worst day in two months

* Miners, automaker fall more than 2%

* Teamviewer plunges on weak Q2 billings growth

* BMW, Volskwagen hit by $1 billion fine

July 8 (Reuters) - European stocks sank on Thursday, posting their worst session in two months with all sectors in the red as concerns about the resilience of economic recovery sent investors fleeing to bonds.

The pan-European STOXX 600 index dropped 1.8% , with a European Central Bank move to shift its inflation target to 2% from "below but close to" that figure seen as dovish and doing little to cap declines.

"Achieving 2% inflation won't be easy," said Jai Malhi, global market strategist at J.P. Morgan Asset Management.

"With low inflation even more entrenched in the euro zone, this change from the European Central Bank means policy will remain loose for even longer."

Euro zone banks slid nearly 3% as government bond yields extended their falls. While many investors struggle to fully grasp the triggers behind the global bond rally, a broad rethink of the reflation narrative and a sense that economic growth may have peaked are common explanations, together with hedge funds unwinding bets gone wrong.

The day's slide pushed the STOXX 600 into negative territory for the month, putting it on course to break a five-month winning streak. It is now 2% away from record highs. Until Wednesday, the index was only off 0.2% from the peak of 460.51.

Deteriorating economic indicators from the continent as well as United States and China, have dented sentiment lately, with the rise in coronavirus cases as well as the spread of a new variant spelling more trouble as countries scramble to curb its spread.

Miners were down 2.8%, while automakers fell about 2.3% as BMW and Volkswagen slipped after the European Union fined them a total of $1 billion for emissions cartel.

Dutch technology investor Prosus, which has a 29% stake in Chinese tech giant Tencent, fell 4.1% as the sector came under pressure globally.

German automotive lighting group Hella slipped 1.4% after brakes maker Knorr-Bremse dropped plans to acquire a 60% stake in the company. Knorr-Bremse shares, meanwhile, jumped 7.3% to top the STOXX 600.

Remote connectivity software specialist Teamviewer tumbled 14.3% on weaker-than-expected billings growth in the second quarter.

British food delivery company Deliveroo rose 2.3% after it posted 88% jump in orders during the June quarter.

(Reporting by Sruthi Shankar in Bengaluru; editing by Uttaresh.V, John Stonestreet and Cynthia Osterman)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BMW AG -2.08% 80.36 Delayed Quote.11.26%
DELIVEROO PLC -1.31% 324.1 Delayed Quote.0.00%
HELLA GMBH & CO. KGAA 0.00% 60.5 Delayed Quote.14.37%
KNORR-BREMSE AG 0.98% 103.3 Delayed Quote.-7.50%
PROSUS N.V. -1.36% 68.92 Real-time Quote.-22.00%
TEAMVIEWER AG -2.47% 28.45 Delayed Quote.-35.09%
TENCENT HOLDINGS LIMITED 2.39% 461.8 End-of-day quote.-18.12%
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Analyst Recommendations on DELIVEROO PLC
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Sales 2021 1 852 M 2 545 M 2 545 M
Net income 2021 -268 M -368 M -368 M
Net cash 2021 1 238 M 1 701 M 1 701 M
P/E ratio 2021 -21,5x
Yield 2021 -
Capitalization 5 870 M 8 073 M 8 064 M
EV / Sales 2021 2,50x
EV / Sales 2022 2,05x
Nbr of Employees 2 060
Free-Float 70,2%
Duration : Period :
Deliveroo plc Technical Analysis Chart | MarketScreener
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Technical analysis trends DELIVEROO PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 324,10 GBX
Average target price 363,64 GBX
Spread / Average Target 12,2%
EPS Revisions
Managers and Directors
William Shu Chief Executive Officer & Director
Adam Miller Chief Financial Officer & Director
Claudia Isobel Arney Non-Executive Chairman
Dan Winn Chief Technology Officer
Charles Richard Kenneth Medlock Independent Non-Executive Director
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