European Shares Mixed On Weak Data

European stocks traded mixed in cautious trade on Wednesday as investors react to weak German retail sales and Eurozone manufacturing PMI data.

Data from Destatis revealed that retail sales in Germany fell by 5.4 percent in April compared to the previous month, due to a record fall in food sales.

S&P Global’s final manufacturing Purchasing Managers’ Index (PMI) for the euro zone fell to 54.6 in May from April’s 55.5 due to supply shortages, price pressures and a fall in demand.

U.K. house prices grew 11.2 percent on a yearly basis in May, following the 12.1 percent increase in April, data from the Nationwide Building Society showed earlier in the day.

Eurozone bond yields extended their climb as investors factored in a 50 basis-point rate hike from the ECB in July. The bank’s main deposit rate stands at minus 0.5 percent and has been negative since 2014.

The pan European Stoxx 600 was down 0.2 percent at 442.53 while the German DAX rose 0.3 percent and France’s CAC 40 index edged up 0.2 percent.

The U.K.’s FTSE 100 was marginally lower at 7,603 ahead of a long holiday weekend.

London markets will remain closed on Thursday and Friday for Queen Elizabeth’s Platinum Jubilee.

National Grid gave up 1.7 percent and Vodafone lost 2.9 percent on going ex-dividend.

Dr. Martens shares soared nearly 29 percent after the British footwear brand reported record revenue in the 12 months to March 2022 and upped its outlook for the fiscal year 2023.

Tullow Oil added 2.4 percent. The oil & gas exploration firm has reached an agreement on the terms of a recommended all-share merger of equals with Capricorn Energy Plc.

French building materials firm Saint-Gobain was moving lower after it agreed to acquire Kaycan, Ltd., a family-owned manufacturer and distributor of exterior building materials in Canada and in the United States, for US$928 million or about 860 million euros in cash.

Drug major Sanofi gained around 1 percent. The company said that the U.S. FDA has granted Breakthrough Therapy designation to efanesoctocog alfa (BIVV001) for the treatment of people with hemophilia A.

Nordea Bank rose 0.8 percent after saying it has suspended two employees on the suspicion of loans being issued on false grounds.

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