European Stocks Close Lower On Growth Worries

RTTNews | 646 days ago
European Stocks Close Lower On Growth Worries

(RTTNews) - European stocks closed lower on Tuesday, weighed down by concerns about economic slowdown after weak services activity in China and slowing eurozone business activity.

The pan European Stoxx 600 ended down 0.23%. The U.K.'s FTSE 100 drifted down 0.2%, Germany's DAX and France's CAC 40 both ended lower by 0.34%, while Switzerland's SMI dropped 0.86%.

Among other markets in Europe, Czech Republic, Finland, Iceland, Ireland, Poland, Portugal, Russia and Spain ended weak.

Austria, Greece, Norway, Sweden and Turkiye closed higher, while Belgium, Denmark and Netherlands ended flat.

In the UK market, B&M European Value Retail, Croda International, Ashtead Group, Tesco, Ocado Group, Bunzl and Flutter Entertainment lost 2 to 3.4%.

Johnson Matthey, Kingfisher, Smith & Nephew, ABRDN, CRH, Entain, Anglo American Plc, Hargreaves Lansdown, Melrose Industries, Prudential and Natwest Group lost 1.2 to 2%.

Whitbread rallied 2.3%. Centrica, BP, Weir Group, IHG, Vodafone Group, Antofagasta and Shell gained 1 to 2%.

In the German market, Commerzbank tumbled more than 6%. Fresenius Medical Care ended 4.4% down. Siemens Energy, Zalando, Deutsche Bank, HeidelbergCement, Fresenius, Deutsche Post and Sartorius lost 2 to 3.7%.

BASF, Adidas, RWE, Covestro, Puma, Qiagen and Infineon Technologies also ended notably lower.

BMW, Porsche, Continental, Hannover Rueck and Deutsche Telekom ended higher by 1 to 2.2%.

In Paris, Eurofins Scientific, WorldLine, Teleperformance, Carrefour, Kering and Credit Agricle lost 2 to 2.7%.

LVMH, Veolia, Air Liquide, Saint Gobain, Alstom, Engie, Danone and Pernod Ricard ended lower by 1 to 1.7%.

Total Energies and Michelin both ended higher by about 2%. Renault climbed 1.6% and Sanofi advanced about 1%.

In economic news, the euro area private sector economy contracted the most in nearly three years in August with broad based deterioration across the manufacturing and services sectors, results of the purchasing managers' survey showed.

The HCOB composite output index fell to 46.7 in August from 48.6 in July, final data compiled by S&P Global revealed Tuesday. The initial score was 47.0 for August.

Data released by Eurostat showed eurozone producer prices declined for the third straight month in July and at the fastest pace in fourteen years on a sharp reduction in energy prices.

The producer price index posted an annual decline of 7.6% in July, faster than the 3.4% decrease in June. That was in line with expectations.

Moreover, this was the steepest decline since July 2009, when prices had fallen 8.2%.

On a monthly basis, producer prices fell 0.5% in July versus a 0.4% drop in June. The expected decline was 0.6%.

A survey by the European Central Bank showed on Tuesday that consumer inflation expectations for the euro area for the next 12 months were unchanged, while those for the three years ahead edged up. Elsewhere, ECB Chief Economist Philip Lane said that the modest easing in goods inflation and services inflation was "a very welcome development", but the trend has to continue.

The UK services sector witnessed a downturn for the first time this year, mostly due to weaker business and consumer spending, survey results from S&P Global and the Chartered Institute of Procurement & Supply showed Tuesday.

The final services business activity index dropped to 49.5 in August from 51.5 in the previous month. The flash score was 48.7.

UK car sales continued to increase strongly in August, boosted by the highest monthly market share for electric vehicles, though regulatory concerns stand as a threat in the future, the Society of Motor Manufacturers and Traders, or SMMT, said on Tuesday.

Car registrations grew by 24.4% year-over-year in August.

read more
Australian Market Slightly Lower

Australian Market Slightly Lower

The Australian stock market is trading slightly lower on Friday after opening in the green, extending the losses in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 8,600 level, with weakness is technology stocks partially offset by gains in gold miners and energy stocks.
RTTNews | 14 minutes ago
China Stock Market May Add To Its Winnings On Friday

China Stock Market May Add To Its Winnings On Friday

The China stock market has moved higher in back-to-back sessions, collecting more than 15 points or 0.4 percent in that span. The Shanghai Composite Index now sits just above the 3,400-point plateau and it's expected to see continued strength on Friday.
RTTNews | 19 minutes ago
Taiwan Shares May Bounce Higher Again On Friday

Taiwan Shares May Bounce Higher Again On Friday

The Taiwan stock market on Thursday ended the three-day winning streak in which it had rallied more than 810 points or 3.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,290-point plateau and it may see renewed support on Friday.
RTTNews | 49 minutes ago
Singapore Bourse May Extend Thursday's Gains

Singapore Bourse May Extend Thursday's Gains

The Singapore stock market on Thursday ended the two-day slide in which it had fallen more than 15 points or 0.4 percent. The Straits Times Index now sits just above the 3,920-point plateau and it's tipped to open to the upside again on Friday.
RTTNews | 1h 19min ago
Malaysia Stock Market May See Additional Support

Malaysia Stock Market May See Additional Support

The Malaysia stock market has ticked higher in consecutive trading days, gathering almost 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,525-point plateau and it may add to its winnings again on Friday.
RTTNews | 1h 49min ago
Win Streak May Continue For South Korea Stock Market

Win Streak May Continue For South Korea Stock Market

The South Korea stock market has finished higher in seven straight sessions, collecting more than 225 points or 8.2 percent along the way. The KOSPI now rests just above the 2,920-point plateau and it's tipped to open in the green again on Friday.
RTTNews | 2h 19min ago
New Zealand Manufacturing PMI Data Due On Friday

New Zealand Manufacturing PMI Data Due On Friday

New Zealand will on Friday release May results for the manufacturing PMI from BusinessNZ, highlighting a light day for Asia-Pacific economic activity. In April, the PMI score was 53.9.
RTTNews | 3h 14min ago
Taiwan Shares May Bounce Higher Again On Friday

Taiwan Shares May Bounce Higher Again On Friday

The Taiwan stock market on Thursday ended the three-day winning streak in which it had rallied more than 810 points or 3.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,290-point plateau and it may see renewed support on Friday.
RTTNews | 3h 37min ago