{"id":133761,"date":"2023-07-31T05:39:27","date_gmt":"2023-07-31T05:39:27","guid":{"rendered":"https:\/\/fin2me.com\/?p=133761"},"modified":"2023-07-31T05:39:27","modified_gmt":"2023-07-31T05:39:27","slug":"european-shares-lack-direction-as-business-surveys-signal-deepening-downturn","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/european-shares-lack-direction-as-business-surveys-signal-deepening-downturn\/","title":{"rendered":"European Shares Lack Direction As Business Surveys Signal Deepening Downturn"},"content":{"rendered":"

European stocks were subdued on Monday, with weak Eurozone business<\/span> activity data and an inconclusive election result in Spain keeping investors nervous. <\/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.<\/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

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 pan European STOXX 600 was marginally higher at 465.86 after gaining 0.3 percent on Friday. <\/p>\n

The German DAX and the U.K.’s FTSE 100 were little changed while France’s CAC 40 was down 0.2 percent. <\/p>\n

Madrid’s IBEX Index was down 0.8 percent after a late swing toward Prime Minister Pedro Sanchez’s Socialists denied his right-wing opponents a majority in parliament.<\/p>\n

In corporate news, Danish biotech company Bavarian Nordic plummeted 23 percent after saying that it was ending its respiratory syncytial virus (RSV) vaccine program, following poor trial results. <\/p>\n

Swiss wealth manager Julius Baer jumped more than 8 percent after reporting strong earnings. <\/p>\n

British online grocer Ocado jumped 10.5 percent after settling a three-year intellectual property dispute with Norwegian robotics company AutoStore Holdings.<\/p>\n

Telecom company Vodafone surged 4.4 percent after reporting better revenue growth in the first quarter and naming a new CFO.<\/p>\n

S4 Capital slumped 18 percent 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

Alstom rose over 1 percent in Paris. The French rolling stock maker and RAILPOOL, a German rolling stock leasing firm, have signed a contract worth up to 260 million euros, for 50 Traxx Universal multi-purpose locomotives. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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