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European exchanges are clearly losing at the end of the week
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HKComp embraces technical bear market
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Adyen (ADYEN.NL) extends yesterday's declines
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H&M (HMB.SE) phases out its sewing plant in Myanmar
This week's final trading session on European markets brings a continuation of the dynamic downward wave affecting equities on the Old Continent. The sell-offs on the Chinese market today were fuelled by news of the filing for bankruptcy protection by China's Evergrande Group. Moreover, for the second day in a row, declines were prolonged by the shares of Adyen (ADYEN.NL), today losing nearly 2%. The EU50 index fell to 5-week lows during today's session as uncertainty about higher yields and an uncertain macro path grew. That's not all, however, as the Hang Seng Index posted a 20% decline from its recent highs at today's session close, putting the benchmark into a technical bear market.
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The mood in Europe during Friday's trading session is clearly negative. Source: xStation 5
Futures based on the German DE30 are losing nearly 0.35% today and are descending to the support zone set by the 7 July minima. Source: xStation 5
News
Recent downgraded forecasts for GDP growth in China by banks such as JP Morgan and Morgan Stanley, as well as the country's macro data itself, are putting powerful pressure on the shares of fashion companies such as LVMH (MC.FR), Hermes (RMS.FR) and Kering (KER.FR), which are heavily dependent on the performance generated by Chinese consumers. This is also true of other sectors closely linked to China, such as metals.
Today's listings of fashion companies. Source: xStation 5
H&M (HMB.SE) shares are losing 1.77% in today's session amid reports from Reuters that the company has decided to begin the process of moving away from clothing production in Myanmar.
Source: xStation 5
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