European Shares Mixed In Cautious Trade After Weak Data

RTTNews | 834 days ago
European Shares Mixed In Cautious Trade After Weak Data

(RTTNews) - European stocks traded flat to slightly higher on Thursday despite renewed concerns about inflation and a possible recession.

German factory orders decreased 2.4 percent month-on-month in August, Destatis reported - reversing a revised 1.9 percent rise in July. Economists had forecast a moderate 0.7 percent drop in August.

On a yearly basis, new orders were down 4.1 percent after a sharp 11.0 percent decline in July.

Eurozone retails sales fell 0.3 percent month-on-month in August and by 2.0 percent on an annualized basis, Eurostat said.

Fitch Ratings has cut the U.K.'s credit outlook from stable to negative, saying the large and unfunded fiscal package announced as part of the new government's growth plan could lead to a significant increase in fiscal deficits over the medium term.

The pan European Stoxx 600 was up 0.2 percent at 399.78 after falling 1 percent on Wednesday.

The German DAX edged up 0.2 percent and France's CAC 40 index was marginally higher while the U.K.'s FTSE 100 was little changed with a negative bias.

Swiss lender Credit Suisse Group AG gained 1.4 percent after JP Morgan upgraded its rating on the stock to "neutral" from "underweight".

Swedish construction and project development company Skanska AB advanced 1.6 percent after it signed a contract with the Metropolitan Transport Authority to replace escalators in subway stations in New York.

British oil major Shell slumped 4.1 percent after a warning that its natural gas trading and refining divisions are under stress.

Ferrexpo, an exporter of high-grade iron ore pellets to the global steel industry, fell about 1 percent after reporting lower production in the third quarter.

Halma gained nearly 1 percent after announcing it has bought Weetech Holding GmbH for €57.5 million in cash.

Imperial Brands jumped 4 percent. The tobacco firm announced a 1 billion pounds ($1.13 billion) share buyback program and said FY22 trading has been in line with expectations.

Johnson Matthey, a sustainable technologies provider, rose over 1 percent on saying it has started fuel cell recycling at Zhangjiagang, in Jiangsu province of China.

German online retailer Zalando surged 3.2 percent after announcing a new strategic partnership with U.S. sportswear giant Nike.

Merck KGaA, a science and technology firm, added 1.8 percent after announcing it is on track to reach its mid-term growth target of 25 billion euros in sales by 2025.

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