European stocks mostly close lower on weak economic data

(RTTNews) – European stocks ended lower on Friday, penalized by disappointing German export data and a report showing weaker-than-expected employment growth in the United States in September.

The pan-European Stoxx 600 lost 0.28%. The German DAX ended down 0.29% and the French CAC 40 slipped 0.61%, while the UK FTSE 100 rose 0.25%. The Swiss SMI has closed its doors. The FTSE 100 gained around 1% over the week, while the CAC 40 and DAX gained 0.6% and 0.4% respectively.

Among other European markets, Belgium, Denmark, Ireland, the Netherlands, Portugal and Sweden fell.

Austria, Finland, Greece, Norway, Poland and Russia closed higher, while the Czech Republic, Iceland, Spain and Turkey finished flat.

Travel shares traded mostly higher in London after the government announced it would remove strict COVID-19 quarantine requirements for 47 destinations.

However, TUI Group shares plunged almost 16%. The travel company has announced plans to raise more than € 1 billion in capital to help pay off more than the large state-guaranteed loans taken out during the pandemic.

The share of the Aveva group lost 3.25% and Mondi lost around 2.2%. Spirax-Sarco Engineering, Smurfit Kappa Group, RightMove, St. James Place, Scottish Mortgage, Burberry Group and Severn Trent finished down 1-1.6%.

BP, Royal Dutch Shell, Standard Chartered, IAG, Rolls-Royce Holdings, Kingfisher, Whitbread, Imperial Brands, Anglo American Plc, IHG, Pershing Square Holdings and Antofagasta gained 1 to 2.6%.

On the French market, Veolia, STMicroElectronics, Dassault Systèmes, Essilor, Danone, Schneider Electric, WorldLine, Capgemini, LVMH, Hermes International and Legrand lost 1 to 2.3%.

Technip gained more than 5.5%, Faurecia climbed nearly 4.5% and Valeo finished around 3.5%. Renault, Accor, Saint Gobain, Unibail Rodamco and Safran gained 1.4 to 2.3%.

In Germany, Sartorius fell almost 5%. HelloFresh, RWE, E.ON, Puma, Adidas, Deutsche Post, Vonovia and Linde finished down 1-3%.

Continental, Daimler, BMW, Fresenius, Covestro and MTU Aero Engines gained 1 to 3.2%.

German exports fell 1.2% month-on-month in August, in contrast to the 0.6% increase in July, Destatis reported. Economists were forecasting monthly growth of 0.5%.

At the same time, imports rebounded 3.5%, following a 3.6% drop in the previous month. The trade surplus fell to 13.0 billion euros seasonally adjusted, from 17.7 billion euros a month ago.

Investors also noted that Ireland has backed off its opposition to new global corporate tax rules, agreeing to waive its 12.5% ​​tax on large multinational corporations in a key development for efforts to settle a worldwide minimum rate of “at least” 15%.

Data released by the Labor Department showed non-farm payroll employment increased by 194,000 jobs in September after climbing by 366,000 revised upward jobs in August. Economists expected employment to jump 500,000 from the 235,000 addition initially reported for the previous month.

Despite much weaker than expected job growth, the unemployment rate fell to 4.8% in September from 5.2% in August. The unemployment rate is expected to drop to 5.1%. With the larger-than-expected drop, the unemployment rate fell to its lowest level since reaching 4.4% in March 2020.

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

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