(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window.
) * Germany's Volkswagen falls on cutting 2024 outlook * UK's Rightmove slides after REA ends month-long takeover pursuit * STOXX 600 down 1% (Updated at 1600 GMT) By Shashwat Chauhan and Pranav Kashyap Sept 30 (Reuters) - Europe's STOXX 600 closed lower on Monday with automakers leading declines after industry majors Stellantis and Volkswagen's profit warnings, though the benchmark recorded quarterly and monthly gains. The pan-European STOXX 600 closed 1% lower, retreating from an all-time high hit last week. European auto stocks were at the helm of losses, down 4% with Milan-listed shares of Stellantis NV sliding 14.
7% after Europe's second biggest carmaker cut its 2024 profit forecast and warned it will burn through more cash than expected. "A slowdown in the global automotive sector and having to spend big on revitalising two core brands have put a dent in Stellantis' bonnet," AJ Bell's investment director Russ Mould said. Bigger rival Volkswagen had also cut its annual outlook for the second time in less than three months late on Friday, sending its shares down 4.
3%. Despite Monday's losses, pan-European benchmark advanced more than 2% in the July-September quarter and clocked a third successive monthly gain. Risk sentiment flourished this month after the U.
S. Federal Reserve eased its monetary policy, joining global peers including the European Central Bank (ECB). Speak.
