{"id":36714,"date":"2023-07-24T17:32:22","date_gmt":"2023-07-24T17:32:22","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/07\/24\/european-stocks-close-on-mixed-note-7\/"},"modified":"2023-07-24T17:32:22","modified_gmt":"2023-07-24T17:32:22","slug":"european-stocks-close-on-mixed-note-7","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/07\/24\/european-stocks-close-on-mixed-note-7\/","title":{"rendered":"European Stocks Close On Mixed Note"},"content":{"rendered":"
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European stocks ended flat on Monday with data showing a slowdown in business<\/span> activity in Europe, and an inconclusive election result in Spain rendering the mood cautious.<\/p>\n

Investors also looked ahead to key central bank meetings and earnings from tech giants including Meta, Microsoft and Alphabet due this week for directional cues.<\/p>\n

The Federal Reserve, European Central Bank and the Bank of Japan are scheduled to announce their monetary policies later this week.<\/p>\n

The pan European Stoxx 600 edged up 0.06%. The U.K.’s FTSE 100 ended 0.19% up, and Germany’s DAX crept up 0.08%, and France’s CAC 40 edged down 0.07%, while Switzerland’s SMI lost 0.27%.<\/p>\n

Among other markets<\/span> in Europe, Austria, Czech Republic, Finland, Ireland, Norway, Poland, Portugal, Russia, Sweden amd Turkiye closed higher.<\/p>\n

Belgium, Denmark, Greece, Iceland, Netherlands and Spain ended weak.<\/p>\n

The HCOB Flash Eurozone Composite PMI Output Index, which gauges activity in the manufacturing and services sector, fell to an eight-month low of 48.9 in July from 49.9 in June. Economists had expected a reading of 49.7. The weaker than expected PMI data supported the case for a lower peak in interest rates.<\/p>\n

French and German PMI data also came in weaker than expected, raising fears of a recession.<\/p>\n

Elsewhere in the U.K., the S&P Global\/CIPS composite Purchasing Managers’ Index showed a preliminary reading of 50.7, down from 52.8 in June.<\/p>\n

France’s composite output index slid to 46.6 in July from 47.2 in the previous month. Contraction in output was the second in as many months, suggesting a sustained deterioration in economic conditions.<\/p>\n

The services PMI posted 47.4 compared to 48.0 in June. The manufacturing PMI declined to 44.5 in July from 46.0 in the prior month.<\/p>\n

At 48.3, Germany’s composite output index moved into sub-50 contraction territory for the first time since January. The reading was seen falling to 50.3 from 50.6 in June.<\/p>\n

The services PMI registered 52.0, down from 54.1 in June as well as forecast of 53.1. The manufacturing PMI reached deep into negative territory, at 38.8 compared to 40.6 a month ago. The expected score was 41.0.<\/p>\n

In the UK market, Ocado Group soared 14.3% after settling a three-year intellectual property dispute with Norwegian robotics company AutoStore Holdings. <\/p>\n

Vodafone Group shares gained more than 4% after reporting better revenue growth in the first quarter and naming a new CFO. <\/p>\n

BT Group climbed 2.3%. BP, Persimmon, Airtel Africa, Glencore, Antofagasta, Shell and Prudential gained 1 to 1.7%.<\/p>\n

Beazley, Burberry Group, Hargreaves Lansdown, Sage Group, WPP, IAG, Spirax-Sarco Engineering, Unilever, DCC, B&M European Value Retail, Unite Group and Next ended lower by 1 to 3%.<\/p>\n

S4 Capital slumped more than 21% after the digital advertising and marketing-services firm cut its annual revenue growth and core profit margin forecasts, citing challenging macroeconomic conditions and cautious clients.<\/p>\n

In the German market, Sartorius surged 2.5%. Qiagen, Continental MTU Aero Engines, Merck, Adidas and Deutsche Telekom gained 1 to 2%.<\/p>\n

Fresenius and HeidelbergCement both shed about 1.6%. Daimler Truck Holding, SAP, Bayer, Symrise and Henkel lost 0.8 to 1.1%.<\/p>\n

In Paris, Societe Generale gained about 2.2%. Renault, Teleperformance, WorldLine, Stellantis, ArcelorMittal and TotalEnergies gained 1.5 to 1.8%.<\/p>\n

Airbus Group, Edenred, Michelin, Safran, Orange, Bouygues and BNP Paribas also ended notably higher.<\/p>\n

Publicis Groupe, Kering, Capgemini, Essilor and LVMH lost 1 to 2%.<\/p>\n

In the Swiss market, Julius Baer jumped more than 8% after reporting strong earnings. <\/p>\n

Danish biotech company Bavarian Nordic plummeted 26% after saying that it was ending its respiratory syncytial virus (RSV) vaccine program, following poor trial results. <\/p>\n<\/p>\n

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