European Shares Decline As Italy’s Draghi Resigns

European stocks fell on Thursday and Italian bonds sold off sharply after Italian Prime Minister Mario Draghi offered his resignation to the president, in a move that will raise the prospect of snap elections as soon as early October.

Meanwhile, Russia resumed natural gas supplies to Germany, helping to ease worries about fallout on the economy.

The euro wilted as investors braced for the interest-rate decision from the European Central bank.

The central bank is set to raise interest rates for the first time in 11 years and provide guidance on the proposed anti-fragmentation tool.

The pan European Stoxx 600 slipped 0.2 percent to 421.63 after closing 0.2 percent lower on Wednesday.

The German DAX fell 0.7 percent, France’s CAC 40 eased 0.1 percent and the U.K.’s FTSE 100 was down 0.4 percent.

Swedish home appliance manufacturer Electrolux plunged nearly 8 percent after its second-quarter profit missed expectations.

Finnish telecom equipment maker Nokia surged 6.5 percent after reporting better-than-expected earnings for the second quarter and backing its FY22 outlook.

British online trading platform IG Group soared 4 percent on share buyback news.

Online grocer Ocado slumped 4 percent after reporting a wider loss in its first-half.

Drinks maker Britvic gained 1 percent after reporting a jump in revenues across its markets.

Marks & Spencer lost 1.8 percent. The retailer said its finance and strategy chief Eoin Tonge would leave the company to take up a role at Associated British Foods.

Getlink shares rose 1 percent in Paris. The railway company reported first-half consolidated net result of 52 million euros, compared to last year’s restated loss of 124 million euros.

Sartorius Stedim Biotech jumped 6 percent. The company confirmed its FY22 outlook after reporting a 77 percent surge in first-half profit.

Thales dropped 1.8 percent. The defense and technology group announced that its aerospace unit will take a €70 million hit in 2022 due to loss of Russian business.

SAP tumbled 4 percent after the German business software company lowered its 2022 profit outlook.

Sartorius soared 6 percent. The pharmaceutical and laboratory equipment supplier confirmed its 2022 outlook after reporting encouraging first-half results.

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