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European Stocks Continue Downtrend for Second Day

European Stocks Continue Downtrend for Second Day

European equity markets closed down on Tuesday, pushing their negative streak into a second day. The Stoxx Europe 600 index finished 0.08% lower at 457.34 with the FTSE 100 index and French CAC 40 index dropping 0.50% and flat, respectively. The German DAX 30 index ended the day slightly in the green with an increase of 0.14%.

Industrial goods company Signify N.V. saw the largest decrease of the Stoxx Europe 600 constituents, with shares dropping 6.2%. Leisure/arts/hospitality firm TUI AG and business/consumer services company Ashtead Group PLC had similar losses, as their stocks declined 6.0% and 5.7%, respectively. Other steep losses were seen in Alstom S.A., a road/rail transport company, and Randstad N.V., a business services company, with respective decreases of 5.5% and 4.2%.

On the flip side, Adevinta ASA, a business services company, saw the largest increase of the Stoxx Europe 600 constituents, with shares jumping 6.4%. Other big gains were registered in Uniper SE, a utilities firm, and Avanza Bank Holding AB, an investing/securities company, with respective increases of 5.0% and 4.4%. Mining & metals firm Polymetal International PLC and electric utilities company Scatec ASA rounded out the top five largest increases, adding 3.7% and 3.8%, respectively.

The pound was up 0.62% against the dollar and the euro was up 0.40%. Brent crude fell 0.72% to $84.32, while yield on the 10-year gilt and German 10-year bund rose 0.64 basis points and fell 0.160 basis points, respectively.

Signify N.V. is a Dutch technology company based in Amsterdam, Netherlands, that focuses on lighting and lighting-related applications. Founded in 1891, Signify specializes in a wide range of products and services in the domain of connected lighting systems and services for professional users, as well as connected and traditional lighting solutions for consumers. The company employs 53,000 people worldwide and is a major player in the burgeoning smart home technologies market.

Ashtead Group PLC is a equipment rental company based in the United Kingdom. Established in 1977, the company provides rental services to a wide range of customers, including construction contractors, professional tradesmen and homeowners, among others. The company operates over 1,600 rental centers across the United States and Canada, focusing primarily on rental of construction, industrial and lawn and garden equipment. Ashtead Group PLC reported revenues of over £3 billion in 2018 and employs over 23,000 people worldwide.