June 13, 2024

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European Stocks Close Lower On Weak Earnings, Interest Rate Concerns

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European stocks closed lower on Friday and several markets in the region dropped to multi-month lows, as U.S. PCE data raised concerns the Federal Reserve will continue to keep its monetary policy tight. The latest batch of corporate earnings updates were a bit disappointing.

The pan European Stoxx 600 dropped 0.84%. The U.K.’s FTSE 100 ended 0.86% down, Germany’s DAX ended lower by 0.3%, and France’s CAC 40 drifted down 1.36%. Switzerland’s SMI finished with a loss of 0.42%.

Among other markets in Europe, Austria, Belgium, Denmark, Netherlands, Poland, Spain and Sweden ended weak.

Finland, Greece, Norway, Portugal and Turkiye closed higher, while Iceland and Russia ended flat.

France’s consumer sentiment improved marginally in October, survey results from the statistical office INSEE showed earlier today.

The consumer sentiment index moved up to 84 in October from 83 in September. The reading was forecast to remain unchanged to 83.

The survey was conducted between September 26 and October 18.

The Bank of Russia raised its benchmark rate by a bigger-than-expected 200 basis points as inflationary pressures moved significantly above expectations.

In the UK market, Natwest Group shares tanked nearly 12% on weak results. The stock was also weighed down by reports that the Financial Conduct Authority found “potential regulatory breaches” in its report into a banking account scandal that ousted NatWest CEO Alison Rose.

Lloyds Banking and Diageo dropped about 3% and 2.7%, respectively.

Intertek, GSK, CRH, AstraZeneca, Reckitt Benckiser, Standard Chartered, British American Tobacco, Unilever, Centrica, HSBC Holdings and M&G ended lower by 1.3 to 3%.

Among the gainers, Fresnillo climbed nearly 3%, Rentokil Initial gained 2.8%, Mondi advanced 2.3% and Just Eat Takeaway.com surged almost 2%.

Vodafone, Segro, Prudential, Antofagasta, Taylor Wimpey, Flutter Entertainment, TUI, WPP, Ds Smith, Pennon and Croda International also ended notably higher.

Shares of IAG ended weak despite…

2023-10-27 14:16:43

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