(RTTNews) – European stocks opened lower on Wednesday after Federal Reserve Chair Jerome Powell in a speech last night said that equity prices are fairly highly valued by many measures.
The pan-European Stoxx 600 dipped 0.3 percent to 553.48 after rising 0.3 percent on Tuesday on Fed rate cut expectations.
The German DAX was marginally lower as a survey showed German business sentiment fell to a four-month low in September.
France’s CAC 40 slipped 0.1 percent and the U.K.’s FTSE 100 was down 0.2 percent.
Banks led losses, with Deutsche Bank, Credit Agricole and Barclays falling 1-2 percent.
German wind turbine maker Nordex rose 1.3 percent after it secured an order for 50MW from Spanish company Abei Energy.
Atos jumped 5 percent in Paris after securing a major European Commission cybersecurity contract for technical operation services.
Buy and build group SDI tumbled 3 percent after saying it expects to deliver full-year results in line with market expectations.
Defense stocks surged after U.S. President Donald Trump said he believed Ukraine could retake all its land occupied by Russia and that Kyiv should act now.
“I think Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form,” the president said in a post on his Truth Social platform.
Sweden’s Saab soared 5 percent and Germany’s Hensoldt surged 4.6 percent.
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