Economic news

European stocks fluctuate as PMI disappoints

European stocks dip on Monday as financial results from Switzerland’s largest bank, UBS, and fresh monthly services and manufacturing data disappointed traders.

Photo: Reuters

The pan-European STOXX 600 slid 0.2% to 381.02.

Germany's DAX 30 index dropped 0.3% to 12,501.97 and France's CAC 40 index lost 0.3% to 5,395.72. The UK’s FTSE 100 index edged up 0.1% to 7,372.99.

IHS Markit’s composite flash Purchasing Managers’ Index (PMI) for the euro area was unchanged in April at 14-month trough of 55.2. The euro zone economy continued to expand at a low pace in April,experts say. The growth pace has slowed significantly compared to the peak level of the beginning of the year.

UBS shares fell 3.4%. Switzerland's largest bank reported its first-quarter earnings rose by 19%, which, however, missed analyst estimates.

The shares of Philips jumped 4%. The company reported its first-quarter net income from continuing operations fell 27% due to restructuring costs and redemption of bonds.


To leave a comment you must or Join us


More news


Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree