LIVE MARKETS-STOXX dips, renewables drag
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STOXX DIPS, RENEWABLES DRAG
European shares are mostly lower on Monday as indexes give back some of Friday's Jerome Powell-inspired gains.
Barclays, BNP Paribas, Deutsche Bank and others now expect the Fed to lower borrowing costs at its September 16-17 meeting following Powell's shift in tone.
But some investors see reason for caution due to risks that the United States is entering a stagflationary environment, where growth remains sluggish and inflation, sticky.
The pan-European STOXX 600 .STOXX is down 0.3%, having risen 0.4% on Friday when Powell signalled that he'd be open to a rate cut as early as next month. British markets are closed for a public holiday.
The utilities sector .SX6P lags, weighed down by declines in renewables after the U.S. ordered Denmark's Orsted ORSTED.CO to halt construction on an offshore wind project near Rhode Island, deepening woes for the industry and putting the company's plans to raise capital at risk.
Orsted shares are down 17%, while Vestas Wind VWS.CO, EDP Renovaveis EDPR.LS and Siemens Energy ENR1n.DE are all lower.
Shares in Amsterdam-listed JDE Peet's JDEP.AS have surged 17% after Keurig Dr Pepper KDP.O agreed a deal to buy the company for 15.7 billion euros, a 20% premium to Friday's closing price.
Here's your opening snapshot:
(Samuel Indyk)
EARLIER LIVE MARKETS POSTS:
EUROPE BEFORE THE BELL: GIVING BACK GAINS CLICK HERE
THE 'WHY' MATTERS FOR RALLIES, AND RATE CUTS CLICK HERE
($1 = 0.8540 euros)
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