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European Equities Close Mixed in Friday Trading; Q3 GDP Rises 0.4% in EU, Euro Area

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Last updated: 12/06/2024 12:04:44

12:04 PM EST, 12/06/2024 (MT Newswires) -- European stock markets closed mixed in Friday trading as the Stoxx Europe rose 0.18%, Germany's DAX was up 0.13%, the FTSE in London lost 0.49%, France's CAC climbed 1.31%, and the Swiss Market Index was off 0.09%.

Seasonally adjusted GDP grew 0.4% in the euro area and the European Union in Q3 compared with the previous quarter, according to Eurostat, the statistical office of the EU. Compared with the same quarter a year earlier, seasonally adjusted GDP rose 0.9% in the euro area and 1.0% in the EU.

In Germany, price-adjusted manufacturing sector production declined 1.0% in October from September, according to preliminary data from Germany's Federal Statistical Office. Compared with the same month last year production was 4.5% lower.

In the UK, house prices increased for the fifth straight month in November, rising 1.3% from October, according to the Halifax House Price Index. Prices, which hit a record 298,083 British pounds ($380,671), were 4.8% higher than a year earlier.

And in corporate news, AstraZeneca said Friday that the US Food and Drug Administration granted priority review for its supplemental biologics license application for Imfinzi to treat patients with muscle-invasive bladder cancer. The British pharmaceutical giant also reported late Thursday that an analysis of phase 2 and phase 3 trials of datopotamab deruxtecan showed a "clinically meaningful" tumor response in patients.

European automaker Stellantis' Chrysler unit is recalling more than 317,000 vehicles in the US over issues with the vehicles' hydraulic control unit, the US National Highway Traffic Safety Administration said Thursday. The NHTSA said the issue can cause the vehicles' anti-lock brake, electronic stability control, and traction control systems to fail, increasing the risk of a crash.

Swiss pharmaceutical company Novartis reported positive topline results Friday from a phase 3 study evaluating Fabhalta in adult patients with paroxysmal nocturnal hemoglobinuria who were switched from other therapies.

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