European stocks were moving lower on Friday, extending losses for a fourth consecutive session on renewed concerns surrounding China’s slowing growth and the prospect of further interest rate hikes by the Federal Reserve.
Meanwhile, Eurostat data showed today that Euro area inflation decreased to 5.30 percent in July from 5.50 percent in the previous month – meeting consensus estimates.
Elsewhere, official data showed U.K. retail sales registered a bigger-than-expected fall in July as a result of poor weather and the rising cost-of-living.
The retail sales volume declined 1.2 percent month-on-month in July, offsetting June’s 0.6 percent increase. This was the first drop in four months. Sales were forecast to fall 0.5 percent.
On a yearly basis, the decline in overall retail sales deepened to 3.2 percent from 1.6 percent in June. The annual fall also exceeded the expected fall of 2.1 percent.
The pan European STOXX 600 was down 0.7 percent at 447.86 and was down more than 2 percent for the week amid surging bond yields and concerns over China’s economic meltdown.
The German DAX fell 0.8 percent, France’s CAC 40 lost about 1 percent and the U.K.’s FTSE 100 was down 0.9 percent.
Swiss drug major Novartis AG fell about 1 percent after an announcement that it aims to offload its generics unit on or around October 4.
China-related miners declined in London following Evergrande’s bankruptcy filing in New York. Anglo American, Antofagasta and Glencore lost 2-3 percent.
Insulation and building materials group Kingspan tumbled 3.5 percent after first-half revenue slipped in a challenging environment.
Temple Bar Investment Trust fell about 1 percent after reporting earnings results for the half-year ended June 30, 2023.
German sports apparel and footwear giant Adidas fell more than 1 percent after renewing a long-term license agreement with Coty Inc., a manufacturer of fragrance, color cosmetics, and skin and body care products.
SUSE soared 60 percent after the software solutions provider said it would quit the Frankfurt Stock Exchange and become a private company again.
Source: Read Full Article