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European stocks close lower; Airbus down 9%, chip stocks volatile

Brendan McDermid | Reuters
  • European stocks closed lower Tuesday, failing to recover even as U.S. sentiment perked up.
  • Airbus shares, meanwhile, fell 9.4% on Tuesday after the company said it was cutting its targets for 2024, including aircraft deliveries and earnings.
  • Shares of Novo Nordisk rose after the company said that its Wegovy weight loss treatment has been approved in China for long-term weight management.

LONDON — European stocks closed lower Tuesday, failing to recover even as U.S. sentiment brightened after a tech-driven sell-off.

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The pan-European Stoxx 600 index provisionally finished 0.3% lower, with sectors and major bourses diverging.

Industrial stocks sank 1.7%, while health care rose 0.8%. The euro also weakened as the specter of political risk hangs over the region, falling 0.23% against the U.S. dollar.

Shares of Novo Nordisk rose 4% after the company said that its Wegovy weight loss treatment had been approved in China for long-term weight management. Shares of Zealand Pharma, which is developing its own contender weight loss drug, also rose 8.8%.

Airbus shares, meanwhile, fell 9.4% on Tuesday after the company said it was cutting its targets for 2024, including aircraft deliveries and earnings.

Investors stateside sold off Big Tech stocks on Monday in favor of sectors such as banking and energy, as chipmaking giant Nvidia tumbled for a third consecutive session. Chip stocks around the world had a volatile trading day on Tuesday as a result.

However, a rebound in tech darling Nvidia led the S&P 500 and Nasdaq Composite higher in early deals as Dow Jones Industrial Average lagged.

Asia-Pacific markets mostly rose overnight, with traders assessing South Korea's consumer sentiment index for June, as well as Japan's service sector producer prices.

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