{"id":14324,"date":"2021-09-24T11:40:37","date_gmt":"2021-09-24T11:40:37","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/09\/24\/european-stocks-drifting-lower-in-cautious-trade\/"},"modified":"2021-09-24T11:40:37","modified_gmt":"2021-09-24T11:40:37","slug":"european-stocks-drifting-lower-in-cautious-trade","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/09\/24\/european-stocks-drifting-lower-in-cautious-trade\/","title":{"rendered":"European Stocks Drifting Lower In Cautious Trade"},"content":{"rendered":"
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European stocks are exhibiting weakness on Friday, weighed down by a batch of weak economic data from the region, and uncertainty about Evergrande’s ability to pay the interest due on dollar-denominated bonds. <\/p>\n

Meanwhile, European Central Bank President Christine Lagarde has stated that Europe had limited direct exposure to Evergrande.<\/p>\n

Investors continue to react to the policy statements from the Federal Reserve and the Bank of England, which had announced their policies on Wednesday and Thursday, respectively.<\/p>\n

Also, investors are making cautious moves ahead of the polls in Germany this weekend to elect the nation’s new Chancellor. Profit taking after three successive days of gains contribute as well to markets<\/span>‘ weakness.<\/p>\n

The pan European Stoxx 600 is declining by nearly 0.9%. The U.K.’s FTSE 100 is down 0.2%, France’s CAC 40 is down almost 1%, and Germany’s DAX is lower by 0.7%. Switzerland’s SMI is down 0.97%.<\/p>\n

In the French market, Essilor, Kering, Hermes International, Dassault Systemes and LOreal are down 2 to 3%.<\/p>\n

LVMH is down nearly 2%, while Schneider Electric, Capgemini, Veolia, Faurecia and Legrand are lower by 1 to 1.7%.<\/p>\n

Sodexo is climbing more than 3.5%. Renault is up 2.5% and Accor is gaining 2.3%. Air France-KLM and Technip are gaining 1.5% and 1.2%, respectively.<\/p>\n

In Germany, HelloFresh, Adidas, Merck, Sartorius, Porsche Automobil, Puma and Zalando are down 1.4 to 3%, while Covestro, Daimler, Deutsche Bank, BMW and HeidelbergCement are notably higher.<\/p>\n

In the UK market, Rentokil, Halma, RightMove, Croda International, Bunzl, JD Sports Fashion, Ferguson and Barratt Developments are down 1.4 to 3%.<\/p>\n

Rolls-Royce Holdings is rising more than 4.5%, IAG is up 2.5% and AstraZeneca is gaining 2.3%, while Compass Group, Reckitt Benckiser and Royal Dutch Shell are up 1 to 1.5%.<\/p>\n

In economic releases, survey results from the market research group Gfk showed UK consumer confidence weakened to a five-month low in September as consumers were concerned about personal financial situation as well as wider economic prospects.<\/p>\n

The consumer confidence index fell to -13 from -8 in August, the report said. This was the lowest reading since April 2021, when the score was -15.<\/p>\n

UK retail sales grew at the slowest pace in six months in September, the latest Distributive Trades Survey data from the Confederation of British Industry showed.<\/p>\n

Survey results from the ifo Institute showed German business<\/span> confidence weakened for the third straight month in September. <\/p>\n

The business climate index dropped to 98.8 in September from 99.6 in August. The score was forecast to fall to 98.9.<\/p>\n

Companies were less satisfied with their current business. They were also more skeptical about the coming months, the survey showed.<\/p>\n

The current situation index declined unexpectedly to 100.4 from 101.4 in the previous month. The expected level was 101.8. At the same time, the expectations index fell less-than-expected to 97.3 from 97.8 in August. The reading was seen at 96.5. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n