empty
06.04.2023 02:20 PM
European stocks mostly lower amid uneven economic recovery

This image is no longer relevant

European stock markets ended yesterday's session in negative territory, with the French CAC 40 and the German DAX indices declining by 0.39% and 0.53%, respectively. However, the British FTSE 100 gained 0.37%. The European STOXX 600 index dipped by 0.2%.

The industrial goods and services sector saw the largest drop among the STOXX 600 components, falling by 2.1%. The utilities and healthcare sectors lent support to the broader index, rising by 1.6% and 1.7%, respectively, and reaching their highest levels in eight months.

While the eurozone countries overall are experiencing an accelerating economic recovery, the pace is uneven across different countries and sectors.

Last month, the composite Purchasing Managers' Index (PMI) in Europe increased to 53.7 points from 52 in February. However, the figure came in below expectations and preliminary estimates. The French and German PMI data also missed forecasts.

In the U.S., the services PMI shrank to 51.2% last month, down from 55.1% in February, falling short of the anticipated 54.5%.

The economic slowdown in the US and the EU is causing concern among market participants, reigniting fears of a potential economic downturn, just as concerns were subsiding following the bankruptcy of several American banks.

The industrial sector weighed heavily on the German DAX index, while the country saw an increase in industrial orders driven by the vehicle manufacturing sector. In the UK, the FTSE benefited from higher activity in the services sector.

Shares of UBS fell by 1.3% following its acquisition of Credit Suisse and statements indicating that the deal would be a profitable venture for the company.

Telecom Italia's stock rose by 0.5% after Italian media reported that KKR planned to make a better offer to TIM for the acquisition of its terrestrial network.

Shares of AstraZeneca climbed by 3.1% after the company announced successful trials of the combined use of two cancer drugs, Imfinzi and Lynparza.

US stock indices were mixed, with the Dow Jones Industrial Average gaining 0.24%, the broader S&P 500 slipping by 0.25%, and the tech-heavy NASDAQ Composite losing 1.07%.

Anastasia Kravtsova,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

US Market News Digest for March 19

Nvidia, which should have been celebrating the start of its annual developer conference, saw its shares fall instead. Tesla, still reeling from Elon Musk's latest adventures, took a hit from

Natalia Andreeva 10:52 2025-03-19 UTC+2

Markets in fear: Nasdaq plunges 1.71% while gold hits record highs

Tech stocks sink as gold surges to a new record Nvidia dropped as the conference annual of software developers kicked off. Tesla fell after RBC cut its price target

09:35 2025-03-19 UTC+2

Markets in fear: Nasdaq plunges 1.71%, gold hits record highs

Nvidia falls as annual software developers conference begins Tesla falls after RBC cuts price target Gold hits all-time high of $3,038.90 an ounce Alphabet falls after $32 billion deal

Thomas Frank 06:48 2025-03-19 UTC+2

US Market News Digest for March 18

February data revealed a 0.2% increase in US retail sales, signaling robust consumer activity. However, New York's manufacturing activity declined in March, pointing to localized economic weakness. Despite these mixed

Ekaterina Kiseleva 13:51 2025-03-18 UTC+2

EUR/USD Pauses as S&P 500 Forecasts Worsen – How to Find Balance?

The global market is currently struggling to find balance in key currency pairs and stock instruments. This is particularly challenging given the recent decline of the euro and the weakness

Larisa Kolesnikova 07:52 2025-03-18 UTC+2

Global Market Dynamics: China, the US and AI Are Driving New Trends

Intel rises after a report that the new CEO plans to reorganize manufacturing and artificial intelligence operations. February retail sales rise 0.2%. New York manufacturing activity fell in March. Hong

05:16 2025-03-18 UTC+2

Global Markets in Action: China, US, and AI Set New Trends

Intel Gains After New CEO Plans AI Manufacturing and Operations Overhaul February Retail Sales Up 0.2% New York Manufacturing Activity Falls in March Hong Kong Stocks, Kiwis Gain on China

Thomas Frank 04:59 2025-03-18 UTC+2

US Market News Digest for March 17

US markets rally on Friday: S&P 500 gains 2.1%, Nasdaq Composite rises 2.6% The US stock market ended the week on a high note, as if the recent turbulence never

Natalia Andreeva 14:04 2025-03-17 UTC+2

Fed against trade war. Can monetary policy rescue economy?

The US stock market continues to experience turmoil, driven by uncertainty surrounding Donald Trump's stance on import tariffs. Investors are eagerly awaiting the Federal Reserve's meeting next week, hoping

13:23 2025-03-17 UTC+2

Fed vs. Tariff War: Will Monetary Policy Save the Economy?

The U.S. stock market continues to be shaken by Donald Trump's uncertain stance on import tariffs. Investors are eagerly awaiting next week's Federal Reserve meeting, hoping for hints

Thomas Frank 10:07 2025-03-17 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.