Home ›› 25 Sep 2021 ›› Stock
European stocks fell on Friday as worries about troubled property developer China Evergrande and weak German business confidence data prompted investors to book some profit after a mid-week rally.
European sportswear makers Adidas, Puma and JD Sports fell about 3 per cent each after U.S. rival Nike cut its fiscal 2022 sales expectations and predicted delays during the holiday shopping season due to a supply chain crunch.
Retail stocks were the top decliners in Europe, down 1.5 per cent, while the region-wide STOXX 600 fell 0.8 per cent. But a three day rally put the index on course for small weekly gains.
“Equities have rallied to take a pause early this morning faced with the likely default of Evergrande,” said Sebastien Galy, senior macro strategist at Nordea Asset Management.
Investor worries over Evergrande resurfaced as a deadline for paying $83.5 million in bond interest passed without remark from the company, putting it closer to a potential default.