European Shares Mixed After PMI Data
(RTTNews) - European stocks traded mixed in cautious trade on Tuesday as the deepening energy crisis in the region fueled recession fears.
Rising U.S. stock futures helped investors shrug off survey results showing that Europe's two largest economies both probably contracted in August.
The composite purchasing managers indexes for Germany and France hit a 26-month low and 18-month low, respectively.
The U.K. composite flash estimate dropped to an 18-monht low of 50.9 in August from 52.1 in July.
As recession worries mount, investors waited for Fed Chair Jerome Powell's comments on inflation and the rate outlook at the upcoming annual Jackson Hole economic symposium later this week.
The pan European Stoxx 600 slipped 0.1 percent to 432.59 after losing 1 percent on Monday.
The German DAX rose 0.2 percent and France's CAC 40 index was marginally higher while the U.K.'s FTSE 100 was down about half a percent.
Swiss drug major Roche fell 1.3 percent after it launched a digital PCR system that helps clinical researchers better understand the nature of a patient's cancer, genetic disease or infection.
BT group shares rose about 2 percent after the government allowed French billionaire Patrick Drahi to retain his stake in the telecoms group.
John Wood Group tumbled 3.3 percent. After reporting a wider pretax loss for the first half of 2022, the engineering services firm said it expects performance to improve in the second half.
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