European stocks fall under pressure from telecom, utility ‎sectors

European stocks fell today, Thursday, under pressure from the decline in shares of utilities and communications companies, amid growing fears of an imminent recession.

According to “Reuters”, the Stoxx 600 index fell by 0.1 percent by 0815 GMT.

The index fell for the fourth consecutive session on Wednesday amid growing fears of slowing economic growth ahead of a group of upcoming decisions next week from major central banks regarding interest rates.

Early trading witnessed a decline in the two sub-indices of communications and utilities by 0.6 and 0.5 percent, respectively.

Real estate stocks rose 0.7 percent and energy 0.3 percent, supported by the recovery in oil prices, after falling in the previous session to their lowest levels since the beginning of the year, amid optimism about China’s easing of anti-Covid-19 restrictions.

Ryanair announced on Wednesday that its chief executive, Michael O’Leary, had agreed to extend his contract until 2028. Shares of Europe’s largest airline rose 1.6 percent.

French automaker Renault fell 1.3 percent. And Bloomberg News reported on Thursday that it has become certain that talks between Renault and Nissan Motor on restructuring the alliance will extend into next year.