Global Market News

European Equities Close Mixed in Thursday Trading; German Inflation Falls to 2.9%


Last updated: 02/08/2024 12:19:41

12:19 PM EST, 02/08/2024 (MT Newswires) -- European stock markets closed mixed in Thursday trading as the Stoxx Europe 600 was off 0.07%, the Swiss Market Index declined 0.64%, France's CAC gained 0.71%, the FTSE in London was down 0.44%, and Germany's DAX closed 0.25% higher.

The annual inflation rate in Germany was an estimated 2.9% in January, according to the Federal Statistical Office, which noted that it was at its lowest level since June of 2021 when it was 2.4%. The annual core inflation rate, which excludes food and energy prices, was 3.4%.

In the UK, continuing uncertainty over the economic outlook continued to impact hiring decisions in January, according to the most recent KPMG and REC UK Report on Jobs survey, which is compiled by S&P Global.

"Permanent placements fell at a sharp and accelerated pace, while the downturn in temp billings remained mild," the report said. "Overall vacancies meanwhile declined slightly for the fourth time in five months."

And in corporate news, UK paper and packaging company Mondi said Thursday it is considering acquiring British competitor DS Smith, according to media reports. Shares of DS Smith closed nearly 10% higher on the FTSE in Thursday trading on the news, while Mondi's shares dropped more than 3%.

Shares of UK-based pharmaceutical giant AstraZeneca (AZN) led the decliners on the FTSE, falling 6.4% in London after it reported lower-than-expected Q4 core earnings Thursday.

Luxury goods company Kering reported a 4% drop in quarterly revenue Thursday. However, shares of the company led the gainers on the CAC and closed nearly 5% higher after the Gucci-owner said it was "focused on revitalizing" the fashion house.

Automotive stocks rallied in Thursday trading as tire maker Continental rose 3.2% on the DAX, followed by automakers BMW and Mercedes, which gained 3% and 1.7% respectively, while automaker Stellantis' shares were up more than 2% in Paris.
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