European stocks reveals mixed performance amid economic data, sector-specific movements
Date
9/11/2024 6:12:11 AM
(MENAFN) European stock markets showed little change at the start of trading on Tuesday, maintaining stability after a 1 percent rise in the previous session. Investors are closely monitoring a range of economic data in anticipation of a widely expected interest rate cut by the European Central bank later in the week. By 0715 GMT, the pan-European STOXX 600 index was flat at 510.40 points.
AstraZeneca experienced the most significant decline on the index, with its shares falling 5 percent following the release of a detailed study indicating that its experimental lung cancer drug did not significantly enhance overall survival rates for patients. Consequently, healthcare stocks broadly fell by 1 percent. In Germany, the DAX index slipped by 0.1 percent after data revealed that inflation had moderated to 2 percent in August.
In the UK, employment data showed a 5.1 percent increase in average weekly earnings, excluding bonuses, for the three months leading up to late July. Despite this, the FTSE 100 index fell 0.2 percent. However, the index was bolstered by positive movements in technology stocks, with Capgemini rising 4.1 percent and SAP increasing by 0.8 percent following Oracle's impressive earnings report.
Conversely, shares of Amplifon Inc., a hearing aid manufacturer, fell 5 percent after Apple announced that its new AirPods could potentially assist users with hearing difficulties.
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