European Stocks Close On Mixed Note
2024-09-01
3592
(fxcue news) - European stocks closed on a mixed note on Monday, continuing to digest last week's economic data, and looking ahead to more updates to assess the outlook for global growth and the interest rate trajectory of major central banks.
Data showing continued contraction in eurozone manufacturing activity weighed on sentiment. The HCOB final manufacturing Purchasing Managers' Index posted 45.8 in August, unchanged from June and July, final data from S&P Global showed. The August reading was revised up from 45.6.
The score signaled another sharp deterioration in operating conditions. The reading remained below the threshold 50.0 mark since July 2022.
Elsewhere, the U.K. manufacturing PMI was finalized at 52.5 in August, up from July's 52.1 and hitting a 26-month high as a result of rising output, new orders and employment.
The pan European Stoxx 600 edged down 0.02%. The U.K.'s FTSE 100 ended down 0.15%, while Germany's DAX and France's CAC 40 gained 0.13% and 0.2%, respectively. Switzerland's SMI closed up 0.12%.
Among other markets in Europe, Austria, Finland, Greece, Netherlands, Poland and Portugal ended higher.
Denmark, Iceland, Norway, Russia and Sweden closed weak, while Belgium and
Spain ended flat.
In the UK market, RightMove soared 27.5% as Australian digital advertising company REA Group confirmed that it is considering a possible cash and share offer for the British real estate online portal.
Barratt Developments and Auto Trader Group both gained more than 3%, with the former surging on a rating upgrade by UBS. Beazley, Vodafone Group, Sainsbury (J), Berkeley Group Holdings, Whitbread, Segro, IHG, Mondi and IMI advanced 1 to 2%.
Rolls-Royce Holdings dropped about 6.5%. BAE Systems and JD Sports Fashion lost 2.8% and 2.25%, respectively.
Endeavour Mining, B&M European Value Retail, Rio Tinto, Croda International, Weir Group, Halma, Entain and Standard Chartered lost 1 to 1.7%.
In the German market, Vonovia gained about 2%. Deutsche Post, Volkswagen and Munich RE climed 1.3 to 1.5%. SAP, Deutsche Telekom, Bayer, Hannover Rueck and HeidelbergCement also closed higher.
Sartorius ended down 4.65%. Zalando and Rheinmetall lost about 2.9% and 2.7%, respectively. Daimler Truck Holding, Porsche, MTU Aero Engines and Adidas also ended notably lower.
In the French market, Sanofi climbed about 3.3%. The drug major said it plans to start discussions about filing its oral BTK inhibitor tolebrutinib for multiple sclerosis.
Unibail Rodamco and Orange also ended sharply higher, while Teleperformance, Edenred, Thales and Airbus Group declined sharply.
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