February 1, 2023

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European Stocks Close Notably Lower As Weak Economic Data Hurts Sentiment

2 min read

European stocks closed notably lower on Wednesday as disappointing economic data from the region, and rising concerns over inflation and interest rates rendered the mood bearish. A sell-off in the U.S. market further hurt sentiment.

The pan European Stoxx 600 tumbled 1.04%. The U.K.’s FTSE 100 drifted down 0.98%, Germany’s DAX ended 0.33% down, and France’s CAC 40 fell 0.77%, while Switzerland’s SMI shed 1.01%.

Among other markets in Europe, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Poland, Portugal and Spain ended weak.

Czech Republic, Greece, Iceland, Russia and Turkey closed higher, while Sweden ended flat.

In the UK market, Flutter Entertainment ended nearly 5% down and National Grid closed lower by 4.27%.

St. Jame’s Place, Whitbread, Ashtead Group, Royal Mail, Experian, Unilever, Vodafone Group, Aveva Group, Coca-Cola HBC, 3I Group and Ocado Group shed 2 to 4%.

BAE Systems rallied nearly 3%. Rolls-Royce Holdings moved up 2.35%, Bunzl gained 1.6% and Antofagasta advanced 1.2%, while British American Tobacco gained nearly 1%.

Dr. Martens shares ended with a hefty gain of nearly 19% after the British footwear brand reported record revenue in the 12 months to March 2022 and upped its outlook for the fiscal year 2023.

In France, Air France-KLM ended lower by 2.7%. Cap Gemini, L’Oreal, Air Liquide, Legrand, Credit Agricole, Pernod Ricard, Accor, Unibail Rodamco and Schneider Electric lost 1 to 2.2%.

Renault gained about 3%. Carrefour, Thales, Publicis Groupe, Safran and Societe Generale also ended notably higher.

In the German market, Zalando drifted down more than 5%. Deutsche Post, Munich RE, Deutsche Wohnen, Fresenius Medical Care, HelloFresh, Puma, Siemens Healthineers, Henkel, Merck and Vonovia ended lower by 1 to 3%.

Automobile stocks Volkswagen, BMW and Daimler gained 2 to 3%. Porsche Automobile gained nearly 1%.

Covestro, BASF, Continental and SAP also closed higher.

On the economic front, data from Eurostat showed the euro area unemployment rate…

2022-06-01 12:19:40

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