European Stocks Close On Mixed Note After Cautious Session

European stocks closed on a mixed note on Monday as investors largely stayed cautious, looking for fresh directional clues.

A downward revision by China in its growth projection for the year weighed on sentiment.

The pan European Stoxx 600 edged down 0.02%. The U.K.’s FTSE 100 drifted down 0.22%, while Germany’s DAX and France’s CAC 40 gained 0.48% and 0.34%, respectively. Switzerland’s SMI fell 0.38%.

Among other markets in Europe, Austria, Ireland, Poland, Russia, Spain, Sweden and Turkiye closed higher.

Belgium, Finland, Greece and Portugal ended weak, while Czech Republic, Denmark, Iceland, Netherlands and Norway closed flat.

In the UK market, Flutter Entertainment climbed 4.6% and Land Securities Group surged 3.4%. Airtel Africa, BT Group, Next, RightMove, British Land and Rolls Royce Holdings gained 2 to 3%.

Beazley Plc shares shed more than 5%. Glencore, Ocado Group, Anglo American Plc, Rio Tinto, Pearson and Hiscox lost 2.7 to 4%.

In the German market, Vonovia rallied nearly 4%. Daimler, SAP, Fresenius Medical Care, Commerzbank and Infineon Technologies gained 2 to 3%.

Covestro ended more than 3% down. Puma, BASF, Volkswagen and Symrise lost 1.7 to 2%.

In Paris, Michelin climbed nearly 2.5%. WorldLine, Societe Generale, Unibail Rodamco, LVMH, Orange, STMicroElectronics, BNP Paribas, Essilor and Engie gained 1 to 2%.

Renault, ArcelorMittal, Eurofins Scientific and Air Liquide lost 1 to 1.6%.

In economic news, Euro area investor confidence decreased more than expected in March as expectations deteriorated sharply despite receding fears of a recession, survey results from the behavioral research institute Sentix showed Monday.

The Sentix economic index dropped to -11.1 from -8.0 in February. Economists had forecast a score of -6.3.

The current situation index of the survey rose to -9.3 from -10.0, marking the strongest reading since June 2022. The score improved for the fifth month in a row.

Data from the statistical office Eurostat showed Eurozone retail sales grew less than expected in January, rising just 0.3%. Economists had forecast 1% growth.

Germany’s construction activity continued to remain in contraction in February though the pace of decline has softened since the start of the year amid cooling cost pressures and supply-chain constraints, survey results from S&P Global showed Monday. The construction Purchasing Managers’ Index, or PMI, rose to an 11-month high of 48.6 in February from 43.3 in the previous month.

The UK construction activity recovered at a robust pace in February as the rebound in commercial activity and a positive contribution from civil engineering were offset the housing market weakness, survey results from S&P Global showed Monday.

The Chartered Institute of Procurement & Supply construction Purchasing Managers’ Index climbed more-than-expected to 54.6 in February from 48.4 in January.

Switzerland’s consumer price inflation unexpectedly rose to a six-month high in February driven by food and energy prices and raised the scope for the fourth consecutive rate hike this month.

The consumer price index, or CPI, grew 3.4% on a yearly basis that was slightly faster than the 3.3% increase seen in January, the Federal Statistical Office reported.

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