Markets

European Stocks Close Mixed After Cautious Session

(RTTNews) - European stocks turned in a mixed performance with investors digesting the latest batch of economic data from the zone, and reacting to the downward revision in growth forecast for the EU countries.

Weak economic data out of China showing the gloomy impact of the country's "zero-COVID" policy hurt sentiment and rendered the mood cautious.

The European Commission cut its growth forecast for the 19 countries sharing the euro to 2.7% this year from 4% predicted in February, citing the impact of the Ukraine war and soaring inflation. GDP growth is expected to slow to 2.3% next year, below the 2.7% seen before, the EC report said.

Eurozone trade balance in March logged a deficit versus a surplus a year ago, as imports grew much faster than exports driven by further increase in energy imports, data released by Eurostat showed. The trade balance showed a deficit of EUR 16.4 billion in March versus a surplus of EUR 22.5 billion in the corresponding month last year.

Data from Destatis showed German wholesale price inflation advanced to 23.8% in April from 22.6% in March. This was the biggest rate since records began in 1962.

The pan European Stoxx 600 edged up 0.04%. The U.K.'s FTSE 100 advanced 0.63%, Germany's DAX slid 0.45% and France's CAC 40 ended lower by 0.23%, while Switzerland's SMI gained 0.19%.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Norway, Portugal, Russia and Spain ended higher.

Greece, Iceland, Ireland, Poland, Sweden and Turkey closed weak, while Czech Republic and Netherlands settled flat.

In the UK market, Fresnillo rallied 4.62%. Glencore, Phoenix Group Holdings, Antofagasta, GlaxoSmithKline, Informa, Sainsbury (J), Tesco, Land Securities, AstraZeneca, BAE Systems, Admiral Group, Airtel Africa and ITV gained 1.5 to 3.4%.

Vodafone Group gained more than 2% after United Arab Emirates-based telecoms company PJSC bought a 9.8% stake in the company for $4.4 billion.

Rolls-Royce Holdings, Scottish Mortgage, Smith (DS), RS Group, Spirax-Sacro Engineering, Ashtead Group and Avast drifted down 2 to 4%. Mondi, CRH, Halma, Smurfit Kappa Group, Hargreaves Lansdown and Croda International also ended notably lower.

Experian Group shares drifted down 1.7% after the consumer-credit reporting agency agreed to acquire a 51% stake in Brazilian fintech company MOVA Sociedade de Empréstimo entre Pessoas S.A. for a cash consideration of 40 million Brazilian reais ($7.9 million).

In the French market, ArcelorMittal, Engie and Thales gained 1.8 to 2.3%. Bouygues advanced by about 1.2%.

WorldLine, Atos, Air Liquide, STMicroElectronics, Valeo, L'Oreal, Faurecia, Legrand and Schneider Electric lost 1 to 2.3%.

In Germany, Sartorius rallied nearly 6%. RWE gained 3.2%, Siemens Healthineers advanced 2.3% and Bayer gained nearly 2%.

Porsche Automobil, Continental, Fresenius, Siemens, SAP, Deutsche Post, Deutsche Telekom and Deutsche Bank ended sharply lower.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

RTTNews

Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More