European Shares Lack Direction After PMI Data
2024-11-23
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(fxcue news) - European stocks struggled for direction on Monday and the euro lost momentum against a strengthening dollar after a survey showed Eurozone manufacturing PMI hit a two-month low of 45.2 in November.
Sentiment was also dented by U.S. President-elect Donald Trump's threat of 100 percent tariff on BRICS countries if they pursue new currency alternatives to the U.S. dollar.
The pan European STOXX 600 was marginally lower at 509.93 after rising 0.6 percent on Friday.
The German DAX and the U.K.'s FTSE 100 both traded flat with negative bias while France's CAC 40 shed nearly 1 percent due to a sudden flare-up in political tensions in the country.
According to media reports, France's far-right National Rally (RN) party will likely back a no-confidence motion against the government in the coming days unless the disputed draft budget meets her party's demands.
Shares of auto giant Stellantis NV plunged over 8 percent after chief executive Carlos Tavares on Sunday resigned "with immediate effect".
Consumer goods supplier Supreme surged 4.6 percent in London after it has bought Typhoo Tea out of administration for £10.2m in cash.
Housebuilder Persimmon tumbled 3.7 percent and peer Taylor Wimpey fell more than 1 percent after reports emerged that the government is set to go ahead with the Building Safety Levy, which would be charged as a percentage of the sales of value of new developments to fund safety works.
Delivery Hero SE shares slumped 7 percent. Under pressure from the Spanish authorities and to avoid further legal uncertainties, the German food delivery company said that Glovo is moving from a freelance model to an employment model.
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