Global Market News

European Equities Close Lower on Friday; Mining, Bank Stocks in Tow


Last updated: 02/09/2024 12:27:43

12:27 PM EST, 02/09/2024 (MT Newswires) -- The European indexes closed lower on Friday as the Stoxx Europe 600 was off 0.08%, the Swiss Market Index was down 0.42%, France's CAC fell 0.24%, the FTSE in London was down 0.30 %, and Germany's DAX closed 0.22% lower.

In Germany, the harmonized index of consumer prices for January was 3.1% compared with the same month last year, according to the Federal Statistical Office, which Thursday reported that the annual consumer price index was 2.9% in January.

France's economic activity remained flat in Q4 as expected, according to the Institute for Statistics and Economic Studies.

In Italy, the seasonally adjusted industrial production index rose 1.1% in December from November, according to the Italian National Institute of Statistics. Compared with December 2022 the calendar adjusted industrial production index decreased 2.1%.

And in corporate news, L'Oreal was among the steepest the decliners on the CAC, falling more than 7% after the cosmetics company reported late Thursday slower revenue growth in Q4 as sales came in less than expected. The company reported 10.61 billion euros ($11.44 billion) in sales, compared with 10.9 billion euros, according to consensus estimates cited by Barclays, Reuters reported.

Hermes International led the gainers on the CAC, rising nearly 5% after it reported better-than-expected Q4 revenue. The luxury goods company reported a 17.5% increase in Q4 revenue, while analysts expected 14%, according to Bloomberg.

Mining stocks were slumping in Friday's trading session as Fresnillo led the decliners on the FTSE, falling 3.4%, followed by Glencore, which dropped 3% and Anglo American, which closed 2.1% lower.

Bank stocks were also trending lower as NatWest Group fell 2.2% in London, followed by HSBC and Standard Chartered, down 1.3% and 1% respectively. BNP Paribas lost 2% in Paris, followed by Societe Generale and Credit Agricole, falling 1.2% and 1.1% respectively.
Copyright © 2024 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

Quotes displayed with 15 minutes delay. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. News provided by MT Newswires, a Division of MidnightTrader, Inc. Events Data provided by Wall Street Horizon. ©2021 Wall Street Horizon, Inc.