European stocks decline while utilities and real estate

European stocks edged lower on Monday as the initial enthusiasm from last week's robust U.S. jobs report faded, putting pressure on rate-sensitive sectors like real estate and utilities due to rising bond yields.

By 0726 GMT, the pan-European STOXX 600 index had fallen by 0.2%, with the real estate sector down 1% and utilities dropping 0.5%.

On Friday, the benchmark index saw gains after strong U.S. labor market data eased recession concerns and led to a sharp reduction in expectations for rate cuts. This pushed bond yields higher across the board, with Germany's 10-year bond yield reaching a one-month high. 

In individual stock moves, Richemont rose 1.3% after agreeing to sell its Yoox Net-A-Porter (BIT) online fashion business to German luxury fashion platform Mytheresa.

Heidelberg Materials surged 5.6% on news that Adani Group is in talks to acquire its Indian cement operations in a deal valued at approximately $1.2 billion.

 

 

 

 

 

Paraphrasing text from "Reuters" all rights reserved by the original author.