European Shares Lack Direction As Business Surveys Signal Deepening Downturn

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(RTTNews) - European stocks were subdued on Monday, with weak Eurozone business activity data and an inconclusive election result in Spain keeping investors nervous.

The HCOB Flash Eurozone Composite PMI Output Index, which gauges activity in the manufacturing and services sector, fell to an eight-month low of 48.9 in July from 49.9 in June.

French and German PMI data also came in weaker than expected, raising fears of a recession.

Elsewhere in the U.K., the S&P Global/CIPS composite Purchasing Managers' Index showed a preliminary reading of 50.7, down from 52.8 in June.

Investors also looked ahead to key central bank meetings and earnings from tech giants including Meta, Microsoft and Alphabet due this week for directional cues.

The pan European STOXX 600 was marginally higher at 465.86 after gaining 0.3 percent on Friday.

The German DAX and the U.K.'s FTSE 100 were little changed while France's CAC 40 was down 0.2 percent.

Madrid's IBEX Index was down 0.8 percent after a late swing toward Prime Minister Pedro Sanchez's Socialists denied his right-wing opponents a majority in parliament.

In corporate news, Danish biotech company Bavarian Nordic plummeted 23 percent after saying that it was ending its respiratory syncytial virus (RSV) vaccine program, following poor trial results.

Swiss wealth manager Julius Baer jumped more than 8 percent after reporting strong earnings.

British online grocer Ocado jumped 10.5 percent after settling a three-year intellectual property dispute with Norwegian robotics company AutoStore Holdings.

Telecom company Vodafone surged 4.4 percent after reporting better revenue growth in the first quarter and naming a new CFO.

S4 Capital slumped 18 percent after the digital advertising and marketing-services firm cut its annual revenue growth and core profit margin forecasts, citing challenging macroeconomic conditions and cautious clients.

Alstom rose over 1 percent in Paris. The French rolling stock maker and RAILPOOL, a German rolling stock leasing firm, have signed a contract worth up to 260 million euros, for 50 Traxx Universal multi-purpose locomotives.

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Asian Markets Trade Mostly Lower

Asian stock markets are mostly lower on Monday, following the positive cues from Wall Street on Friday, as traders react to surprise downgrade of the US government's credit rating by one notch to Aa1 by Moody's Ratings, being the last of the three major credit rating agencies to downgrade it. They also react to China announcing anti-dumping duties on plastics from the U.S., EU, Japan and Taiwan.

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Indian shares look set to open lower on Monday as investors fret about the changing geo-political landscape in India's neighborhood as a new bonhomie between Bangladesh, China and Pakistan takes shape silently.

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Thai Bourse May Reclaim 1,200-Point Plateau

The Thai stock market has alternated between positive and negative finishes through the last eight trading days since the end of the five-day winning streak in which it had advanced more than 50 points or 4.3 percent. The Stock Exchange of Thailand now sits just above the 1,195-point plateau and it's expected to open to the upside again on Monday.

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EURUSD	1.11978	GBPUSD	1.33115	AUDUSD	0.64112
USDJPY	145.108	USDCAD	1.39638	USDCHF	0.83535

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European Shares Lack Direction As Business Surveys Signal Deepening Downturn