Major European Markets Close Slightly Higher

(RTTNews) - European stocks closed slightly higher on Friday after swinging between gains and losses for much of the day's session, as investors digested the latest batch of economic data from the region, and continuing to react to the ECB's interest rate decision.

Resumption of Russian gas flows to Europe aid sentiment. Worries about inflation and slowing growth weighed on stocks, limiting their upside.

The pan European Stoxx 600 gained 0.31%. France's CAC 40 climbed 0.25%, while the U.K.'s FTSE 100 and Germany's DAX edged up 0.08% and 0.05%, respectively. Switzerland's SMI drifted down 0.35%.

Among other markets in Europe, Denmark, Greece, Ireland, Norway, Poland, Portugal, Russia, Spain, Sweden and Turkey closed higher. Netherlands edged up marginally.

Austria, Belgium, Czech Republic, Finland and Iceland ended weak.

In the UK market, Ocado Group surged more than 5%. Flutter Entertainment, United Group, Antofagasta, Howden Joinery, British Land, Segro, Entain, Land Securities, Dechra Pharmaceuticals, Fresnillo, National Grid and Severn Trent gained 2 to 3.15%.

British insurer Beazley surged more than 7% after raising its full-year profitability outlook.

Mondi and Smith (DS) ended lower by 5.4% and 5.2%, respectively. Smurfit Kappa Group, ICP, Standard Chartered, Scottish Mortgage, BT Group, Avast and HSBC Holdings also ended sharply lower.

In the French market, Unibail Rodamco climbed more than 6%. L'Oreal, Valeo, Publicis Groupe and Renault gained 1.3 to 2%.

WorldLine, Orange, BNP Paribas, Societe Generale, Thales and Credit Agricole lost 1 to 2%.

In Germany, Vonovia rallied more than 6%. SAP, Zalando, E.ON, Deutsche Wohnen and HelloFresh gained 3.5 to 4.5%. Fresenius Medical Care, Fresenius, Symrise and MTU Aero Engines also closed higher.

Delivery Hero SE shares gained nearly 6%. The German online delivery service reported higher Gross Merchandise Value and revenues in the second quarter.

Ceconomy shares plummeted 24% after the owner of retail chains Saturn and Media Markt slashed its outlook for full-year results.

Deutsche TeleKom, Deutsche Boerse, Deutsche Bank, Sartorius, Continental, Siemens, Infineon Technologies, Covestro, Merck and BASF lost 1 to 3%.

Schindler Holdings shares ended lower by 4% after the Swiss elevator and escalator manufacturer cut its 2022 revenue guidance, citing China market contraction and COVID-related restrictions.

On the economic front, flash survey results from S&P Global showed the Eurozone private sector contracted for the first time since early 2021 as the manufacturing activity shrank on weak output and new orders, and the service sector growth almost stalled.

The flash composite output index fell to 49.4 in July from 52.0 in June. The reading was forecast to fall to 51.0.

At 50.6, the services Purchasing Managers' Index came in at a 15-month low, down from 53.0 in June. The expected score was 52.0. At 49.6, the manufacturing PMI plunged to a 25-month low from 52.1 a month ago. The reading was seen at 51.0.

Data from the Office for National Statistics showed retail sales volume in UK fell only by 0.1% month-on-month in June, following a revised 0.8% decrease in May. This was also slower than the expected 0.3% decline.

The UK private sector activity expanded at the weakest pace in nearly one-and-a-half years in July, primarily due to weaker demand conditions and ongoing capacity constraints, flash survey results from S&P Global showed.

The Chartered Institute of Procurement & Supply flash composite output index dropped to 52.8 in July from 53.7 in June. The index was forecast to fall to 52.5.

France's private sector growth slowed in July, reflecting a contraction in the manufacturing sector due to weaker demand, flash survey results from S&P Global showed. The flash composite output index fell to 50.6 from 52.5 in June. The reading was forecast to fall moderately to 51.8.

Germany's private sector activity deteriorated more-than-expected in July, and logged the worst performance for over two years amid weaker domestic and export demand, according to the flash survey data from S&P Global.

The flash composite output index dropped to a 25-month low of 48.0 in July from 51.3 in June. The index was forecast to fall to 50.1.