European Shares Drift Lower With US Debt Concerns, PMI Data In Focus

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(RTTNews) - European stocks traded lower on Thursday as investors reacted to a U.S. Treasury sell-off, mixed regional data and some disappointing earnings.

30-year U.S. Treasury yields topped 5.09 percent on deficit fears tied to stalled U.S. budget bill negotiations.

In economic releases, Euro zone's private sector returned to contraction in May, with PMI Composite falling from 50.4 to 49.5, hitting a six-month low.

The Ifo institute's business climate index for Germany rose to 87.5 in May from 86.9 in April, thanks to less gloomy expectations.

France's manufacturing sentiment index dropped to 97 in May from 100 in April on deteriorating global orders and personal production expectations, survey data from the statistical office INSEE showed. The expected score was 99.

U.K. public sector net borrowing rose by GBP 1.0 billion to GBP 20.2 billion in April, marking the highest borrowing since April 2021 and coming above economists' forecast of GBP 18.0 billion, according to data from the Office for National Statistics.

The pan European STOXX 600 fell 0.7 percent to 549.71 after finishing marginally lower on Wednesday.

The German DAX shed 0.6 percent, while France's CAC 40 and the U.K.'s FTSE 100 both were down around 0.7 percent.

Freenet AG shares plummeted 15 percent after the telecommunications firm reported a near 33 percent decline in its first-quarter profit.

Ticketing giant and concert promoter CTS Eventim slumped 11.5 percent after Q1 net income and margins came in below estimates.

British Land Company, a real estate investment and development company, tumbled almost 5 percent after saying it expects earnings to be flat next year.

Similarly, telecommunications company BT Group fell over 1 percent after saying earnings this year will be little changed.

Airline EasyJet lost 3.5 percent after widening its first-half loss.

Johnson Matthey soared 27 percent. The industrial group confirmed that it is in advanced discussions over a potential sale of a unit involved in the production of sustainable aviation fuel.

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Lower Open Called For Thai Stock Market

The Thai stock market has moved higher in back-to-back sessions, gathering almost 30 points or 2.5 percent along the way. The Stock Exchange of Thailand now sits just above the 1,245-point plateau and it's expected to open under pressure on Wednesday.

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Japanese Market Slightly Higher

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Indonesia Stock Market May Open In The Red On Wednesday

The Indonesia stock market has moved higher in two of three trading days since the end of the two-day slide in which it had dropped almost 140 points or 1.9 percent. The Jakarta Composite Index now sits just above the 7,515-point plateau and it may hand back Tuesday's gains on Wednesday.

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Australian Market Notably Higher

Australian shares are trading notably higher on Wednesday, adding to the gains in the previous two sessions, with the benchmark S&P/ASX 200 moving above the 8,800 level, despite the broadly negative cues from Wall Street overnight, with gains across most sectors led by mining and financial stocks.

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