GREK - European stocks drop for third day straight on underwhelming earnings and higher US yields

2023-08-03 04:20:30 ET

London -1.44%

Germany -1.18% Germany July final services PMI 52.3 vs 52.0 prelim ; Germany June trade balance €18.7 billion vs €15.0 billion expected

France -1.24% France July final services PMI 47.1 vs 47.4 prelim ; France shows government budget deficit of €116.18B in June

Eurozone July final services PMI 50.9 vs 51.1 prelim ; Italy July services PMI 51.5 vs 52.2 expected; Spain July services PMI 52.8 vs 53.4 expected; Switzerland July CPI +1.6% vs +1.6% y/y expected.

The pan-European Stoxx 600 edged 1.13% lower, hitting a two-week low. Stocks dropped on elevated U.S. bond yields and underwhelming earnings reports dented sentiment ahead of the Bank of England's interest rate decision.

Coming up in the session: UK interest rate decision expected in a few hours.

In the bond market, the U.S. 10-year Treasury yield was up 8 basis points to 4.16%.

Germany's 10-year yield was up 5 basis points to 2.56%.

U.K.'s 10-year yield was up 5 basis points at 4.45%.

Currencies: ( EUR:USD ) ( GBP:USD ) ( CHF:USD )

ETFs: ( EWG ), ( GF ), ( EWI ), ( EWQ ), ( EWGS ), ( FGM ), ( DBGR ), ( DXGE ), ( HEWG ), ( DAX ), ( FLFR ), ( FLGR ), ( FLIY ), ( FXB ), ( EWU ), ( FKU ), ( EWUS ), ( HEWU ), ( FLGB ), ( GREK )

For further details see: