European Stocks Retreat from Record Highs as Renewable Sector Slumps

European Stocks Retreat from Record Highs as Renewable Sector SlumpsBrussels, 25 Aug (ONA) — European equities pulled back today, easing from near-record levels as a sharp sell-off in renewable energy stocks offset momentum from broad optimism over prospective U.S. monetary easing. The decline was led by heavy losses in the green energy sector following a regulatory blow to a major offshore wind project.The pan-European Stoxx 600 index fell 0.3 percent, with Germany’s DAX dropping 0.5 percent and France’s CAC 40 declining 0.4 percent. The downturn was largely triggered by a plunge in shares of Danish energy firm Orsted, which plummeted 15.5 percent after the Trump administration ordered an immediate halt to advanced construction on its offshore wind project near Rhode Island.The setback reverberated across the sector, sending shares of Vestas Wind Systems down 3.2 percent and Siemens Energy falling 2 percent.In a contrasting rally, shares of Chinese e-commerce giant JD.com surged 17.2 percent to their highest level in three years. The jump followed the company’s announcement of a major acquisition deal valued at €15.7 billion ($18.4 billion), drawing strong investor confidence and highlighting active corporate deal-making amid shifting market conditions.— Ends/Khalid