European stocks were moving lower on Wednesday as lower commodity prices on the back of disappointing manufacturing data from China pulled down mining and energy stocks.
Traders also watched the latest developments surrounding the U.S. debt ceiling bill.
The pan European STOXX 600 was down 0.2 percent at 455.63 after losing 0.9 percent on Tuesday.
The German DAX, France’s CAC 40 and the U.K.’s FTSE 100 were down between 0.2 percent and half a percent.
Anglo American, Glencore, BP Plc and Shell lost 1-2 percent after China reported a contraction in manufacturing activity in May.
Entain, owned by Ladbrokes, fell over 2 percent after the company revealed it expects to be hit by a large fine as part of an investigation by Britain’s tax authority over historic corporate misconduct involving former third-party suppliers.
B&M European Value Retail S.A. jumped 5.6 percent after the discount retailer said it expects current adjusted core earnings to be higher in 2024.
Bloomsbury Publishing gained 2 percent after FY23 profit and revenue beat expectations.
Retailer WH Smith added 1 percent after lifting its full-year guidance.
Credit Suisse Group shares were little changed after reports that it has scrapped plans to set up a locally incorporated bank in China.
In economic releases, flash figures released earlier today showed French inflation eased to 6 percent from 6.9 percent in April. Germany’s CPI report is due later in the day.
Business News
European Shares Decline On Growth Concerns
2023-05-31 09:43:50
