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European Stocks Close in Red as Deliveroo Slumps on Market Debut

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Last updated: 03/31/2021 12:26:38

12:26 PM EDT, 03/31/2021 (MT Newswires) -- European stocks closed lower on Wednesday as investors watched Amazon-backed Deliveroo's lackluster debut on the London Stock Exchange and looked forward to the details of a multi-trillion-dollar infrastructure spending plan in the US.

The European Stoxx 600 was down 0.2%, and the FTSE 100 fell 0.9%. The German DAX was flat with a negative bias and the French CAC 40 slipped 0.3%. The Swiss Market Index sank 0.7%.

The UK's quarterly gross domestic product growth for the fourth quarter of 2020 came in at 1.3%, an upward revision from the previously estimated 1%, according to data released by the Office for National Statistics. GDP was down 7.3% in comparison with the fourth quarter of 2019, an improvement from the estimated 7.8% decline. Britain's GDP for 2020 tumbled by 9.8%, a slight revision from the previously expected 9.9% plunge.

The UK and the European Union signed a memorandum of understanding for financial services cooperation between the two regions. The deal allows regulators from the UK and the EU to share data, but it does not make any considerable reference to market access.

The eurozone's flash consumer price index rose 1.3% year over year in March, in line with expectations, following a 0.9% increase in February, Eurostat said. On a monthly basis, inflation remained stable at 0.9% in March.

The Zew Swiss investor sentiment index surged to an all-time high of 66.7 in March from 55.5 in February, thanks to the approval of the US fiscal package, Credit Suisse (CSGN.SW) and CFA Society Switzerland said. The economic situation assessment jumped by 31.1 points to -15.6 in March.

Among individual stocks, shares of the much-awaited Deliveroo initial public offering (ROO.L), the meal-delivery service, sank as much as 31% in early trades on their first day of trading.

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