European stocks opened lower on Tuesday as the benchmark Stoxx 600 index was down by 1.2% by 9 a.m. London time, reaching its lowest level since March 7. All sectors were trading in the red, with the U.K.’s FTSE 100, France’s CAC 40, and Germany’s DAX all lower by 1.3%. This decline comes as global markets face uncertainty amid geopolitical tensions and concerns about rising inflation.
In China, economic data released showed a mixed picture. Industrial output for March grew 4.5% year-on-year, below expectations of a 6% expansion. Meanwhile, retail sales in the country grew by 3.1%, falling short of the anticipated 4.6% growth. However, China’s economy still managed to grow by 5.3% in the first quarter, surpassing expectations of 4.6% growth. Beijing has set a growth target of around 5% for 2024.
In the U.S., Live Nation Entertainment shares tumbled more than 7% in after-hours trading following reports that the U.S. Department of Justice is planning to sue the parent company of Ticketmaster for antitrust violations. The VIX index, Wall Street’s “fear index,” also closed at its highest level since the beginning of the current bull market in late October. This indicates that investors are preparing for increased market volatility in the coming days.
