Major European Markets Turning In Mixed Performance

European stocks are turning in a mixed performance on Tuesday, giving up some of the gains recorded in recent sessions, as investors presumably await fresh data for more clues about the outlook for central banks’ monetary policy stance.

Dovish comments from an ECB official aid sentiment a bit in some of the markets in the region.

The pan European Stoxx 600 is down marginally. The U.K.’s FTSE 100 is down 0.64%, Germany’s DAX and France’s CAC 40 are higher by 0.12% and 0.15%, respectively. Switzerland’s SMI is down 0.22%.

In the UK market, British Land Company is gaining 2.3%. Land Securities, Segro, BT, United Utilities, Berkeley Group Holdings, Barratt Developments, DCC and Taylor Wimpey are gaining 1 to 1.5%.

Ashtead Group is declining 4% and Entain is lower by 3.6%. Barclays Group, EasyJet, Centrica, Prudential, IAG, Anglo American Plc, Smurfit Kappa Group, Smith & Nephew and HSBC Holdings are lower by 1 to 2%.

In the German market, Vonovia is climbing 2.65%. Siemens Energy is up nearly 2%. Siemens and RWE are up 1.3% and 1.1%, respectively. Daimler Truck Holding and Puma are moderately higher.

Fresenius is declining 2.8%. Fresenius Medical Care is down 1.8%, while Brenntag, Sartorius, Covestro, Infineon Technologies and MTU Aero Engines are lower by 1 to 1.5%.

In Paris, Unibail Rodamco is rising 2.7%. STMicroElectronics is gaining 1.3%, while Michelin, Saint Gobain, Vinci, Schneider Electric and Capgemini are up 0.7 to 1.1%.

Alstom is down 1.4%. Renault, Thales, Sanofi, Airbus Group, WorldLine and Stellantis are also weak.

In economic news, a report from S&P Global said The HCOB Eurozone Services PMI was revised higher to 48.7 in November 2023 from a preliminary of 48.2, compared to 47.8 in October.

The HCOB Eurozone Composite PMI was revised higher to 47.1 in November 2023, up from a preliminary estimate of 47.1 and above October’s 35-month low of 46.5.

A report from Eurostat showed industrial producer prices in the Euro Area rose by 0.2% month-over-month in October 2023, following a 0.5% increase in September and matching market expectations. It was the third consecutive month of increases in producer prices. Year-on-year, industrial producer prices dropped by 9.4% in October, following a record 12.4% decline in September.

Meanwhile, the European Central Bank said in a report that median consumer expectations for Euro Area inflation over the next one year remained unchanged at 4% in October.

Data from S&P Global showed the HCOB Germany Services PMI was revised sharply higher to 49.6 in November from a preliminary reading of 48.7, compared to 48.2 in October.

The HCOB Germany Composite PMI was revised upward to 47.8 in November, from a preliminary estimate of 47.1. The reading came in at 45.9 in October.

Data from statistical office INSEE showed industrial production in France fell 0.3% month-on-month in October, falling for a third successive month, following an upwardly revised 0.6% slump in September. Year-on-year, industrial production increased 1.9% in October, after a 0.3% drop in September.

The HCOB France Services PMI came at 45.4 in November 2023, compared to October’s 45.2 and initial estimates of 45.3.

The HCOB France Composite PMI was revised marginally up to 44.6 in November 2023, from the flash estimate of 44.5 and matching the reading seen in October. The reading marked a sixth straight month of contraction.