July 23, 2024

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European Stocks Close Broadly Lower

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European stocks closed mostly lower on Tuesday, weighed down by concerns about economic slowdown, and uncertainty about the outlook for interest rates following recent comments from ECB officials that the fight against inflation is not over yet.

Investors, awaiting a slew of key economic data this week, were reluctant to make significant moves. On Thursday, the Commerce Department is due to release its report on personal income and spending in the month of October.

The report includes readings on inflation said to be preferred by the Federal Reserve and could impact the outlook for interest rates.

The pan European Stoxx 600 ended 0.3% down. The U.K.’s FTSE 100 edged down 0.07%, France’s CAC 40 shed 0.21%, and Germany’s DAX gained 0.16%. Switzerland’s SMI ended down 0.56%.

Among other markets in Europe, Belgium, Denmark, Iceland, Ireland, Netherlands, Norway, Sweden and Turkiye closed weak. Greece edged down marginally.

Austria, Finland, Poland, Portugal, Russia and Spain ended higher.

In the UK market, Pearson, Just Eat Takeaway.com, Royal Mail, Burberry Group, ITV, Prudential and Entain lost 2.1 to 3.8%.

RightMove, Persimmon, Land Securities, Legal & General, Croda International, Segro, WPP and St. James’s Place ended down 1 to 1.7%.

Rolls Royce Holdings rallied more than 6%. Rolls-Royce has set out ambitious new profit targets and said it plans to sell it electric aircraft division, aiming to turn around the company.

Easyjet gained about 4.6% lifted by strong earnings and guidance. Smurfit Kappa Group and Mondi climbed 2.7% and 2.1%, respectively. J Sainsbury, Johnson Matthey, Flutter Entertainment and Fresnillo gained 1.2 to 1.7%.

In the German market, Zalando ended 5.7% down. Bayer ended down 3.5% and Siemens Energy lost about 2.7%. Sartorius ended down 1.7%, while Merck, Volkswagen and BASF lost 1 to 1.2%.

RWE climbed more than 3%. Fresenius Medical Care and Infineon gained 2% and 1.9%, respectively. Commerzbank, Fresenius, Deutsche Post, MTU Aero Engines and…

2023-11-28 12:40:59

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