Europe Markets

European markets close lower; Burberry down 3.4 %


European bourses closed lower on Wednesday, as technology stocks slumped after weakness seen on Wall Street in the previous session.

The pan-European Stoxx 600 was little changed, down 0.04 percent, with sectors and major bourses mixed.

Europe's technology sector were among the worst-performers on Wednesday as jitters hit the market. In the U.S., the Nasdaq composite underperformed, falling 1.6 percent, as shares of Google-parent Alphabet declined more than 2 percent on Tuesday.

The slump also follows a worldwide ransomware attack. The hack caused major disruption at banks and large firms including WPP, Moeller-Maersk, and Metro.

Burberry dropped more than 3.4 percent, hitting the bottom of the benchmark after a Bloomberg report that it faces investors advisory groups' wrath on executive pay.

In currency markets, the euro was volatile to monetary policy comments. The euro turned lower against the dollar, falling from a day's high, after media reports suggested that investors misjudged comments from President Mario Draghi of the ECB on Tuesday. At the end of the European session it had recovered ground, trading at $1.1355.

Meanwhile, in the U.S., markets were higher with the Dow Jones industrial average jumping more than 100 points, with Goldman Sachs contributing the most gains.

Oil continues fall

Meanwhile, lower oil prices weighed on oil and gas stocks on Wednesday as crude prices dipped to its lowest level in two months on Wednesday. Tullow Oil pared its losses in early afternoon trade, having hit the bottom of the benchmark shortly after the open. The Africa-focused oil firm reported it had reduced its debt levels and witnessed an uptick in gross profits during the first half of the year. Its shares recovered to trade slightly higher shortly after midday.

Business supplies distributor Bunzl said Wednesday that a boost in recent acquisitions would help it increase revenues from the first six months of the year by around 7 percent. Its shares surged in early afternoon trade.

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