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European stocks fell Thursday, suffering their fourth loss in five sessions, with auto shares under pressure and Italian shares flipping down following developments surrounding the country’s coalition government.

U.K. stocks erased an earlier gain as the pound rallied after the Bank of England signaled a rate rise could come in August.

How markets are performing

The Stoxx Europe 600 Index SXXP, -0.90% fell 0.9% to end at 380.85, logging its lowest close since April 25, according to FactSet data.

Italy’s FTSE MIB I945, -2.02%  fared the worst, falling by 2% to 21,673.11. Germany’s DAX 30 index DAX, -1.44% dropped 1.4% to 12,511.91.

France’s CAC 40 index PX1, -1.05% declined 1.1% to 5,316.01 and the U.K.’s FTSE 100 UKX, -0.93%  lost 0.9% to 7,556.44.

The euro EURUSD, +0.1814% rose to $1.1606, from $1.1577 late Wednesday in New York. The pound GBPUSD, +0.5466%  rose to $1.3253 from $1.3173 on Wednesday.

What’s driving markets

Germany’s DAX 30 fell on Thursday, with shares of auto makers falling. Daimler AG late Wednesday a profit warning, saying it will be hurt by Chinese retaliatory import duties on vehicles built in the U.S. Meanwhile, Daimler, BMW AG and Volkswagen AG are supportive of a call to abolish EU-U.S. tariffs for imported cars, a bid to help shield the industry from a brewing trade war.

Italian stocks, meanwhile, fell into the red following reports that two euroskeptic lawmakers from Italy’s League party — Alberto Bagnai and Claudio Borghi — have been named as the head of the Senate’s finance committee and president of the House’s budget and finance committee, respectively. Italian bond prices dropped following the news, sending the yield on Italy’s 2-year TMBMKIT-02Y, +53.69% up by 28 basis points to 0.844%, according to Tradeweb. When prices fall, debt yields rise.

The antiestablishment League and the 5 Star Movement parties have together been running Italy’s government since early June.

Bank of England rate decision

In London, the Bank of England as expected kept rates on hold, but the vote split showed a surprisingly hawkish tilt. Three out of the nine policy makers voted in favor of higher rates, up from two at the May meeting.

Stock movers

Shares of car makers struggled, with Daimler AG DAI, -4.32% tumbling 4.3% to trade at prices not seen in nearly two years. Volkswagen AG VOW3, -3.11% dropped 3.1%, BMW AG BMW, -2.94%  lost 2.9%. In Milan, shares of Fiat Chrysler Automobiles NV FCA, -4.17% FCAU, -3.86%  ended off 4.2%.

Also in Milan, Italian bank stocks were knocked down, with UniCredit SAUCG, -3.24%  lower by 3.2% and Unione di Banche Italiane SpA UBI, -3.74% down 3.7%.

Dixons Carphone PLC shares DC., +2.36%  rose 2.4% as the electrical goods retailer posted fiscal year 2018 adjusted pretax profit in line with the company’s expectations.

Shire PLC SHP, +1.95% SHPG, +1.36%  added 2% after the U.S. Food and Drug Administration approved the drugmaker’s Cinryze hereditary angioedema treatment to be made available for children aged six years and older.

Source: marketwatch.com

European stocks fell Thursday, suffering their fourth loss in five sessions, with auto shares under pressure and Italian shares flipping down following developments surrounding the country’s coalition government.

U.K. stocks erased an earlier gain as the pound rallied after the Bank of England signaled a rate rise could come in August.

How markets are performing

The Stoxx Europe 600 Index SXXP, -0.90% fell 0.9% to end at 380.85, logging its lowest close since April 25, according to FactSet data.

Italy’s FTSE MIB I945, -2.02%  fared the worst, falling by 2% to 21,673.11. Germany’s DAX 30 index DAX, -1.44% dropped 1.4% to 12,511.91.

France’s CAC 40 index PX1, -1.05% declined 1.1% to 5,316.01 and the U.K.’s FTSE 100 UKX, -0.93%  lost 0.9% to 7,556.44.

The euro EURUSD, +0.1814% rose to $1.1606, from $1.1577 late Wednesday in New York. The pound GBPUSD, +0.5466%  rose to $1.3253 from $1.3173 on Wednesday.

What’s driving markets

Germany’s DAX 30 fell on Thursday, with shares of auto makers falling. Daimler AG late Wednesday a profit warning, saying it will be hurt by Chinese retaliatory import duties on vehicles built in the U.S. Meanwhile, Daimler, BMW AG and Volkswagen AG are supportive of a call to abolish EU-U.S. tariffs for imported cars, a bid to help shield the industry from a brewing trade war.

Italian stocks, meanwhile, fell into the red following reports that two euroskeptic lawmakers from Italy’s League party — Alberto Bagnai and Claudio Borghi — have been named as the head of the Senate’s finance committee and president of the House’s budget and finance committee, respectively. Italian bond prices dropped following the news, sending the yield on Italy’s 2-year TMBMKIT-02Y, +53.69% up by 28 basis points to 0.844%, according to Tradeweb. When prices fall, debt yields rise.

The antiestablishment League and the 5 Star Movement parties have together been running Italy’s government since early June.

Bank of England rate decision

In London, the Bank of England as expected kept rates on hold, but the vote split showed a surprisingly hawkish tilt. Three out of the nine policy makers voted in favor of higher rates, up from two at the May meeting.

Stock movers

Shares of car makers struggled, with Daimler AG DAI, -4.32% tumbling 4.3% to trade at prices not seen in nearly two years. Volkswagen AG VOW3, -3.11% dropped 3.1%, BMW AG BMW, -2.94%  lost 2.9%. In Milan, shares of Fiat Chrysler Automobiles NV FCA, -4.17% FCAU, -3.86%  ended off 4.2%.

Also in Milan, Italian bank stocks were knocked down, with UniCredit SAUCG, -3.24%  lower by 3.2% and Unione di Banche Italiane SpA UBI, -3.74% down 3.7%.

Dixons Carphone PLC shares DC., +2.36%  rose 2.4% as the electrical goods retailer posted fiscal year 2018 adjusted pretax profit in line with the company’s expectations.

Shire PLC SHP, +1.95% SHPG, +1.36%  added 2% after the U.S. Food and Drug Administration approved the drugmaker’s Cinryze hereditary angioedema treatment to be made available for children aged six years and older.

Source: marketwatch.com

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