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European Stocks End Largely Lower Amid Fresh Wave of COVID-19 Cases

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Last updated: 11/23/2021 12:41:13

12:41 PM EST, 11/23/2021 (MT Newswires) -- European stocks largely ended in red on Tuesday as investors monitored a surge in fresh COVID-19 infections even as the euro area economic activity rose in November.

The Swiss Market Index slipped 1.2%, Germany's Dax and Stoxx Europe 600 were each down 1.1%, and France's CAC 40 slipped 0.9%. The FTSE 100 in the UK, meanwhile, rose 0.2%.

Economic activity in the euro area accelerated for the first time in four months in November, going against economists' predictions of a further downturn, even with persistent supply chain issues and renewed COVID-19 concerns, data showed. The eurozone's flash composite output index reached its two-month high of 55.8 in November, recovering from a six-month low of 54.2 in October, IHS Markit said, adding that the latest reading is still ahead of the survey's pre-pandemic long-run average of 53. The figure also topped the market estimate of 53.2 for the month.

The relevant committee of the European Parliament voted in favor of measures proposed in a draft of the Digital Markets Act that seeks to control big tech firms, Bloomberg News reported. The measures could make messaging or social-media apps interoperable and ban targeted ads for minors. The act identifies big tech companies like Amazon, Google, Facebook, Microsoft, Apple and Booking.com as gatekeepers, thus are accountable under the law.

The flash UK services PMI fell to a two-month low of 58.6 in November from 59.1 in October, IHS Markit said. The figure, however, surpassed the consensus estimate of 58.5.

The UK's flash manufacturing PMI climbed to a three-month high of 58.2 in November from 57.8 in October, IHS Markit said.

The latest reading exceeded the estimated drop to 57.3.

In corporate news, Compass Group (CPG.L) was up nearly 6% after posting an increase in profit in the fiscal full year ended Sept. 30, thanks to a strong recovery above its pre-COVID-19 levels throughout its divisions.

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