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European stocks closed on a weak note on Tuesday amid concerns about growth after the latest batch of data from Europe, the U.S. and China showed continued contraction in manufacturing activity.<\/p>\n
Investors also digested a slew of corporate earnings updates, and awaited more economic data, including the crucial U.S. non-farm payroll report, due later in the week.<\/p>\n
The pan European Stoxx 600 fell 0.89%. The U.K.’s FTSE 100 dropped 0.43%, while Germany’s DAX and France’s CAC 40 lost 1.26% and 1.22%, respectively.<\/p>\n
Among other markets<\/span> in Europe, Austria, Belgium, Finland, Greece, Iceland, Netherlands, Poland, Portugal, Spain, Sweden and Turkiye closed weak.<\/p>\n Czech Republic, Ireland and Russia ended higher, while Denmark and Norway closed flat.<\/p>\n The HCOB Eurozone Manufacturing PMI fell to 42.7 in July from 43.4 in the previous month, marking the lowest in three years.<\/p>\n The euro area unemployment remained unchanged at a record low in June, Eurostat reported on Tuesday. The jobless rate came in at 6.4% in June, the same as in May and April. The rate for May was revised down from 6.5%. Economists had forecast the rate to remain at 6.5% in June.<\/p>\n The British manufacturing downturn deepened in July as output, new orders and employment all fell at faster rates amid market weakness, both domestically and internationally, survey results from S&P Global revealed Tuesday.<\/p>\n The Chartered Institute of Procurement & Supply Manufacturing Purchasing Managers’ Index, or PMI, dropped to a seven-month low of 45.3 in July from 46.5 in May. The flash estimate was 45.0.<\/p>\n German unemployment rate fell unexpectedly in July, while the euro area unemployment rate held steady at 6.4% in June versus 6.5% expected.<\/p>\n In the UK market, Beazley lost more than 5%, and Fresnillo fell 4.4% after retaining its 2023 forecast.<\/p>\n JD Sports Fashion ended with a loss of 2.8% after an investigation by the U.K.’s Competition and Markets Authority (CMA) confirmed that JD Sports and Leicester City Football Club broke competition law.<\/p>\n Endeavour Mining, Natwest Group, Barclays, Pearson, St. James’s Place, Anglo American Plc, Prudential and M&G lost 2 to 2.7%.<\/p>\n Weir Group climbed 2.15%. RightMove and Centrica gained 1.8% and 1.4%, respectively.<\/p>\n HSBC Holdings moved up 1.33% after raising its key performance target. The lender also announced a GBP 2 billion buy-back after its profits exceeded expectations. <\/p>\n In the German market, BMW drifted lower by about 5.4%. Deutsche Post lost 5.2% after it reported a fall in Q2 earnings and revenue. <\/p>\n Zalando ended 3.5% down, while Siemens, Sartorius, Daimler Truck Holding, Mercedes-Benz and Deutsche Boerse lost 2 to 3%. <\/p>\n Daimler Truck Holding fell more than 2% after incoming orders dropped in the second quarter.<\/p>\n MTU Aero Engines, HeidelbergCement, Continental and Porsche gained 1 to 1.4%.<\/p>\n In Paris, Eurofins Scientific drifted down 3.7%. WorldLine ended lower by 3.3%. Teleperformance, Safran, Essilor, LVMH, ArcelorMittal, Hermes International, Stellantis, BNP Paribas, Vinci and Societe Generale lost 1.7 to 2.6%.<\/p>\n CapGemini rallied 2.5%. Legrand and Carrefour also ended notably higher. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n