Market Update
European markets were lower after disappointing economic reports out of Europe as well as manufacturing data from China earlier in the day.
The FTSE was down 0.6%. The CAC 40 Paris fell 0.9% while the German DAX was down 0.5%.
Data earlier Thursday showed manufacturing activity in December in the U.K. gained at a slower rate than expected, tempering optimism over the economic outlook.
Data also showed private sector manufacturing activity in the euro-zone continued to recover in December but the rate of decline in France accelerated as the country’s manufacturing PMI fell unexpectedly to a seasonally adjusted 47.0 from 47.1 in November. The weak data from France raised fears the French economy could report a decline for the December quarter after a 0.1% decline in the prior quarter – pushing the country back into recession.
Elsewhere, Spain’s manufacturing PMI rose to 50.8 in December from 48.6, beating expectations for an increase of 49.9.
Stocks on the Move
Debenhams PLC reversed early gains and traded down 1.5%. The company’s CFO Simon Herrick resigned days after the retailer issued a profit warning citing poor Christmas trading.
Miners were all lower with Anglo American down 2.7% while Vedanta Resources sank 2.8%.
BNP Paribas was down 1.7% while Societe Generale fell 1.2%. Carrefour was down 1.4%.
Deutsche Bank was down 1.6% in Frankfurt.
Elsewhere, Fiat SpA was up 12.4% after the company agreed to buy the remaining stake in Chrysler Group that it doesn’t already own.