Global Market News

European Equities Close Lower Tuesday; Eurozone Manufacturing at 3-Month Low; Mining Stocks Rally, Real Estate Drops


Last updated: 04/02/2024 12:25:28

12:25 PM EDT, 04/02/2024 (MT Newswires) -- The European stock markets closed lower in Tuesday trading as The Stoxx Europe 600 fell 0.76%, the Swiss Market Index dropped 1.15%, France's CAC lost 0.90%, the FTSE in London was off 0.19%, and Germany's DAX closed 1.09% lower.

The HCOB Eurozone Manufacturing PMI, which is compiled by S&P Global and measures the overall health of eurozone factories, fell to a three-month low of 46.1 in March from 46.5 in February. Greece registered the highest manufacturing PMI with a 25-month high of 56.9, followed by Spain and Italy at 51.4 and 50.4 respectively. The lowest PMI was reported by Germany, which had a five-month low of 41.9, followed by Austria at 42.2 and France at 46.2.

In the UK, the seasonally adjusted S&P Global UK Manufacturing PMI rose to a 20-month high of 50.3 in March, up from 47.5 in February and above the neutral 50-point mark for the first time since July 2022.

Meanwhile, UK house prices dipped 0.2% in March from February, but were up 1.6% from the same month last year, according to the Nationwide House Price Index.

In Switzerland, seasonally adjusted retail sales declined 0.2% in nominal terms in February from the previous month, and were down 0.4% compared with a year earlier, according to the Swiss Federal Statistical Office.

And in corporate news, Swiss bank UBS (UBS) said Tuesday it is planning to launch a stock buyback program for up to $2 billion of its shares beginning Wednesday and ending April 2, 2026. The share repurchase will be conducted via a trading line on the SIX Swiss Exchange, and will be repurchased for a capital reduction, the company said. The bank's stock was down less than 1% on Swiss stock exchange.

Glencore could move its main stock listing to the US from the UK due to UK valuations and coal exclusion, according to Deutsche Bank analysts, Bloomberg reports. The company was up 3% on London Stock Exchange.

Shell (SHEL) has initiated an appeal against a 2021 court ruling mandating a 45% reduction in its greenhouse gas emissions by 2030 arguing that the ruling obstructs its fight against climate change, Reuters reported Tuesday. Shell's shares closed 3.5% higher in London.

London-based biopharmaceutical company Autolus Therapeutics (AUTL) said Tuesday that the European Medicines Agency has accepted its marketing authorization application for obecabtagene autoleucel, also known as obe-cel, intended to treat patients with relapsed/refractory adult B-cell Acute Lymphoblastic Leukemia. The company's shares were down 3.5% in Frankfurt.

Mining stocks rallied in Tuesday's trading session as Fresnillo surged 7.6% on the FTSE, followed by Anglo American at 4.6% and Glencore, while Rio Tinto and Antofagasta were up 2% and 1.3%, respectively.

Meanwhile, real estate and homebuilder stocks trended lower as Persimmon fell 3.5% in London, while Land Securities lost 3.2% and Rightmove dropped 3.1%. Real estate firm Vonovia lost 3.5% on the DAX, while commercial real estate developer Unibail-Rodamco was down almost 1% in Paris.
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.