{"id":31911,"date":"2023-03-06T18:04:51","date_gmt":"2023-03-06T18:04:51","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/03\/06\/european-stocks-close-on-mixed-note-after-cautious-session-3\/"},"modified":"2023-03-06T18:04:51","modified_gmt":"2023-03-06T18:04:51","slug":"european-stocks-close-on-mixed-note-after-cautious-session-3","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/03\/06\/european-stocks-close-on-mixed-note-after-cautious-session-3\/","title":{"rendered":"European Stocks Close On Mixed Note After Cautious Session"},"content":{"rendered":"
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European stocks closed on a mixed note on Monday as investors largely stayed cautious, looking for fresh directional clues. <\/p>\n

A downward revision by China in its growth projection for the year weighed on sentiment.<\/p>\n

The pan European Stoxx 600 edged down 0.02%. The U.K.’s FTSE 100 drifted down 0.22%, while Germany’s DAX and France’s CAC 40 gained 0.48% and 0.34%, respectively. Switzerland’s SMI fell 0.38%.<\/p>\n

Among other markets<\/span> in Europe, Austria, Ireland, Poland, Russia, Spain, Sweden and Turkiye closed higher.<\/p>\n

Belgium, Finland, Greece and Portugal ended weak, while Czech Republic, Denmark, Iceland, Netherlands and Norway closed flat.<\/p>\n

In the UK market, Flutter Entertainment climbed 4.6% and Land Securities Group surged 3.4%. Airtel Africa, BT Group, Next, RightMove, British Land and Rolls Royce Holdings gained 2 to 3%.<\/p>\n

Beazley Plc shares shed more than 5%. Glencore, Ocado Group, Anglo American Plc, Rio Tinto, Pearson and Hiscox lost 2.7 to 4%.<\/p>\n

In the German market, Vonovia rallied nearly 4%. Daimler, SAP, Fresenius Medical Care, Commerzbank and Infineon Technologies gained 2 to 3%.<\/p>\n

Covestro ended more than 3% down. Puma, BASF, Volkswagen and Symrise lost 1.7 to 2%.<\/p>\n

In Paris, Michelin climbed nearly 2.5%. WorldLine, Societe Generale, Unibail Rodamco, LVMH, Orange, STMicroElectronics, BNP Paribas, Essilor and Engie gained 1 to 2%.<\/p>\n

Renault, ArcelorMittal, Eurofins Scientific and Air Liquide lost 1 to 1.6%.<\/p>\n

In economic news, Euro area investor confidence decreased more than expected in March as expectations deteriorated sharply despite receding fears of a recession, survey results from the behavioral research institute Sentix showed Monday.<\/p>\n

The Sentix economic index dropped to -11.1 from -8.0 in February. Economists had forecast a score of -6.3.<\/p>\n

The current situation index of the survey rose to -9.3 from -10.0, marking the strongest reading since June 2022. The score improved for the fifth month in a row.<\/p>\n

Data from the statistical office Eurostat showed Eurozone retail sales grew less than expected in January, rising just 0.3%. Economists had forecast 1% growth.<\/p>\n

Germany’s construction activity continued to remain in contraction in February though the pace of decline has softened since the start of the year amid cooling cost pressures and supply-chain constraints, survey results from S&P Global showed Monday. The construction Purchasing Managers’ Index, or PMI, rose to an 11-month high of 48.6 in February from 43.3 in the previous month.<\/p>\n

The UK construction activity recovered at a robust pace in February as the rebound in commercial activity and a positive contribution from civil engineering were offset the housing market weakness, survey results from S&P Global showed Monday. <\/p>\n

The Chartered Institute of Procurement & Supply construction Purchasing Managers’ Index climbed more-than-expected to 54.6 in February from 48.4 in January.<\/p>\n

Switzerland’s consumer price inflation unexpectedly rose to a six-month high in February driven by food and energy prices and raised the scope for the fourth consecutive rate hike this month. <\/p>\n

The consumer price index, or CPI, grew 3.4% on a yearly basis that was slightly faster than the 3.3% increase seen in January, the Federal Statistical Office reported. <\/p>\n<\/p>\n

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