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European stocks fall as investors focus on key economic data, ECB signals
(MENAFN) European Stocks experienced a decline on Monday as investors prepared for a crucial week filled with economic data releases and statements from European Central bank (ECB) officials, seeking any indications of the bank’s upcoming monetary policy decisions. The pan-European STOXX 600 index dropped by 0.40 percent, retreating from its all-time high recorded last week, which was driven by a reduction in the eurozone inflation rate to 2.2 percent in August—its slowest pace since July 2021. The downward trend was mirrored across major European markets, with Germany's DAX index falling by 0.27 percent, the UK's FTSE slipping by 0.07 percent, and France's CAC decreasing by 0.42 percent.
The mining sector faced the steepest losses, declining by 1.3 percent, as most industrial metal prices began September on a downward trend. This was largely due to increased concerns about demand, compounded by lower expectations for significant monetary easing in the United States and disappointing manufacturing data from China. Meanwhile, Rightmove shares surged by 24.5 percent following news that RIA Group, in which News Corp holds a majority stake, is contemplating an acquisition of the British property website to form a global real estate giant. Additionally, Sanofi shares rose 2.5 percent despite setbacks, as its multiple sclerosis drug failed to achieve its primary goal in two advanced trials, casting doubt on the future of this drug class.
As the week progresses, investors are keenly awaiting the release of August manufacturing data from Germany, Spain, and the 20-nation eurozone to assess the economic health of the region. This data is expected to provide crucial insights into the performance of Europe's economies amid persistent uncertainties. Market participants are particularly attentive to any signs that could suggest changes in the ECB's policy direction at its upcoming meeting, given the bank's ongoing battle with inflation and its impact on growth across the continent.
The mining sector faced the steepest losses, declining by 1.3 percent, as most industrial metal prices began September on a downward trend. This was largely due to increased concerns about demand, compounded by lower expectations for significant monetary easing in the United States and disappointing manufacturing data from China. Meanwhile, Rightmove shares surged by 24.5 percent following news that RIA Group, in which News Corp holds a majority stake, is contemplating an acquisition of the British property website to form a global real estate giant. Additionally, Sanofi shares rose 2.5 percent despite setbacks, as its multiple sclerosis drug failed to achieve its primary goal in two advanced trials, casting doubt on the future of this drug class.
As the week progresses, investors are keenly awaiting the release of August manufacturing data from Germany, Spain, and the 20-nation eurozone to assess the economic health of the region. This data is expected to provide crucial insights into the performance of Europe's economies amid persistent uncertainties. Market participants are particularly attentive to any signs that could suggest changes in the ECB's policy direction at its upcoming meeting, given the bank's ongoing battle with inflation and its impact on growth across the continent.
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