European shares drop, aerospace stocks hammered
STOXX 600 down 0.3%
Airbus drags sector lower
Merck KGaA tumbles
Wall St futures steady
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EUROPEAN SHARES DROP, AEROSPACE STOCKS HAMMERED
A drop in aerospace and defense stocks following a profit warning from Airbus is dragging the STOXX 600 lower on Tuesday.
The pan-European benchmark .STOXX was last down 0.3% as the aerospace and defense index .SXPARO is falling 4.7%, its biggest one-day drop since November 2021.
The driver has been a profit warning from Airbus AIR.PA , who trimmed their forecast for deliveries for the year. Shares in the company are down 10%.
The weakness has dragged others in the sector lower. Rolls-Royce, MTU Aero Engines, Melrose Industries and Safran are all falling between 3.9%-5.2%.
Elsewhere, Frankfurt-listed Merck KGaA is tumbling over 10% after the company discontinued a trial of its cancer drug due to lack of efficacy.
Germany's DAX .GDAXI underperforms, down 1.3%, while France's CAC 40 .FCHI is down 0.7% and Britain's FTSE 100 .FTSE is eking out a 0.1% gain.
Here's your opening snapshot:
(Samuel Indyk)
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TUESDAY'S OTHER LIVE MARKETS POSTS:
EUROPEAN FUTURES SIGNAL SOFT START CLICK HERE
TECH ROUT DRIVES FLIGHT TO VALUECLICK HERE
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