A belief that the Chinese government is considering new austerity measures took the wind out of the sails in most of Europe’s stock markets today, not least in Denmark, which has major trading ties with the Asian nation.
New figures predicting extremely strong growth in China have led to fears of inflation and related measures to dampen the economy. As a result, the C20 index fell for the second consecutive day, with jewelry company Pandora and wind power giant Vestas taking especially hard knocks. In all, sixteen out of Denmark’s twenty most traded shares posted losses
Shares in Vestas, which has strong ties to China, fell by 3.1 percent. to 182, while shares in Pandora fell the third consecutive day, this time by 3.3 percent, to close at 337.
Novo Nordisk was another loser. Its share value fell by 1.7 per cent to 620.5 after news that the company has lost a major patent case in the U.S. By the end of the day’s trading, the C20 had dropped 1.4 percent to 464.
Shares in insurance company Topdanmark bucked the trend by posting a 2.5 percent rise. Over the past year, the company’s share value has risen by 16.3 per cent.