5/30, 5:37 PM (Source: TeleTrader)
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Europe closes lower with US debt ceiling in focus

Major European indexes ended Tuesday's session in the red as market watchers focused on the debt ceiling developments in the United States. The White House and House Republicans reached a bipartisan deal over the weekend and are set to present the bill dubbed the Fiscal Responsibility Act of 2023 to lawmakers this week and aim to pass the legislation in the House and Senate by June 5 in an effort to avoid default but the bill's its future is uncertain as some Republicans said they would oppose it.

The Euro Stoxx 50 lost 0.66%. Sanofi was the worst performer, as its shares dropped 4.69%.

The DAX fell 0.27%, with Fresenius, down 2.71%, leading the losses.

The CAC 40 slid 1.29%. The banking sector pulled the index down as Credit Agricole plunged 10.06% and Societe Generale tumbled 5.86%.

The FTSE 100 dropped 1.38% with Ocado Group sliding 3.71%.

The euro added 0.15% against the dollar to go for 1.07246 at 5:31 pm CET and the pound rose 0.44% compared to the greenback to sell for 1.24092 at 5:32 pm CET.

Baha Breaking News (BBN) / NP