European stocks were moving lower on Wednesday as a survey showed business activity in the eurozone slowed further in July, signaling a “near-stagnation” and raising concerns about economic recovery.
The Composite PMI fell to 50.1, hitting a five-month low due to a slowdown in services growth and worsening contraction in the manufacturing sector.
Elsewhere, U.K. private-sector business activity expanded faster this month and a measure of Germany consumer confidence hit its highest level in more than two years, offering some respite.
The pan European STOXX 600 dropped 0.7 percent to 511.84 after inching up 0.1 percent on Tuesday.
The German DAX fell 0.9 percent, France’s CAC 40 slumped 1.5 percent and the U.K.’s FTSE 100 was down 0.3 percent.
Industrial cable specialist Nexans jumped more than 8 percent after posting better-than-expected first-half results and raising its annual outlook.
Banco Santander advanced 1.7 percent. The Spanish lender beat expectations to post a record profit in the second quarter.
British luxury car maker Aston Martin Lagonda soared 8.3 percent. The company reiterated full-year guidance despite reporting lower sales and larger losses for the first half.
Events group Informa rose 1.4 percent after it agreed to buy Ascential Plc, the owner of the Money20/20 and Cannes Lions conferences, for about £1.2 billion ($1.5 billion) in cash.
Marston’s rallied 2.2 percent. The pub operator confirmed its full-year guidance after reporting positive trading momentum for the 16-week period.
Fresnillo jumped 3.8 percent after the gold and sliver miner said it was on track to meet full-year guidance.
Airline EasyJet surged 5.6 percent after a strong Q3 trading update.
French luxury group LVMH slumped 4 percent after sales slowed in the second quarter. Peer Kering tumbled 3.1 percent and Hermes International dropped 1.2 percent.
Lender BNP Paribas declined nearly 2 percent despite reporting better-than-expected Q2 2024 earnings.
Spirits maker Remy Cointreau fell more than 1 percent in choppy trade as it reported a wider-than-expected 15.6 percent decline in first-quarter sales.
Rheinmetall AG shares jumped 2.2 percent. The German automotive and arms maker reported significantly higher sales and operating result in the second quarter, beating market expectations.
Deutsche Bank plummeted 7 percent after the lender reported its first quarterly loss in four years.
Kontron, an IoT technology company, rose 1.2 percent after securing a new order from Hanwha Phasor.
European Shares Decline Amid Earnings Deluge
2024-07-24 09:46:45
