{"id":37865,"date":"2023-08-25T17:26:18","date_gmt":"2023-08-25T17:26:18","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/08\/25\/european-stocks-fail-to-hold-gains-settle-flat\/"},"modified":"2023-08-25T17:26:18","modified_gmt":"2023-08-25T17:26:18","slug":"european-stocks-fail-to-hold-gains-settle-flat","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/08\/25\/european-stocks-fail-to-hold-gains-settle-flat\/","title":{"rendered":"European Stocks Fail To Hold Gains, Settle Flat"},"content":{"rendered":"
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European stocks failed to hold early gains and closed on a mixed note on Friday with investors digesting Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium and making cautious moves.<\/p>\n

Stocks gained early on in the session thanks to some encouraging economic data.<\/p>\n

In his keynote address at the meet, Powell warned that further interest rate increases could be necessary in the fight against inflation.<\/p>\n

“We are prepared to raise rates further if appropriate,” Powell said, and added that the U.S. central bank intends “to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”<\/p>\n

The pan European Stoxx 600 edged down 0.04%. The U.K.’s FTSE and Germany’s DAX both ended 0.07% up, and France’s CAC 40 gained 0.21%, while Switzerland’s SMI closed lower by 0.18%.<\/p>\n

Among other markets<\/span> in Europe, Austria, Finland, Greece, Norway, Portugal, Russia, Spain, Sweden and Turkiye closed higher.<\/p>\n

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

In the UK market, Tesco, Smurfit Kappa Group, Melrose Industries, Intertek Group, CRH, Centrica, Sainsbury (J), Smiths Group, Smith (DS) and Airtel Africa gained 1 to 2%.<\/p>\n

Endeavour Mining ended lower by 2.75%. Fresnillo lost 2.1%. IAG, Prudential, Johnson Matthey, Ocado Group and Taylor Wimpey declined 1 to 1.6%.<\/p>\n

CMC Markets, a provider of online retail and institutional platform technology<\/span>, plunged more than 8% after the company said that it sees lower net revenue trends for the fiscal 2024, on continued subdued market conditions.<\/p>\n

In the German market, E.ON, Beiersdorf, Symrise and RWE posted moderate gains.<\/p>\n

Covestro ended down 2.1%. Continental and Sartorius lost 1.4% and 1.25%, respectively.<\/p>\n

In Paris, Stellantis, Vinci, Engie, Pernod Ricard, Edenred, Veolia and Sanofi gained 0.6 to 1.1%, while Unibail Rodamco, Alstom, WorldLine, Capgemini, Kering, Credit Agricole and BNP Paribas ended weak.<\/p>\n

On the economic front, Germany’s economy<\/span> stabilized as estimated in the second quarter as weak foreign demand offset the strength in government spending and investment, latest data from Destatis showed.<\/p>\n

Gross domestic product posted nil growth in the second quarter after a 0.1% fall in the first quarter and a 0.4% decline in the fourth quarter of 2022. <\/p>\n

Business sentiment among German companies deteriorated for a fourth month in a row in August as their assessment of the current situation weakened sharply and they turned more pessimistic regarding the outlook, survey data from the ifo institute showed.<\/p>\n

The ifo business<\/span> climate index dropped to 85.7 points from 87.4 in July. Economists had forecast a reading of 86.7. <\/p>\n

France’s manufacturing confidence deteriorated to the lowest since early 2021 on weak assessment of order books and past production, monthly survey results published by the statistical office INSEE showed on Thursday.<\/p>\n

The manufacturing sentiment index slid to 96 in August from 101 in July. This was the lowest reading since January 2021 and also below economists’ forecast of 99. <\/p>\n<\/p>\n

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