Advertisement
Skip to Content
Market Update

European Markets Down After Data Disappoints

European markets were lower Monday after some disappointing data from both Germany and France.

The FTSE was down 0.4%. The CAC 40 Paris fell 0.7% while the DAX gave up 0.8%.

Markit said its preliminary German manufacturing Purchasing Managers Index, PMI rose to 52.4 in June from 52.3 in May, disappointing expectations for a rise to 52.5. Meanwhile, the services PMI weakened to a three-month low of 54.8 from 56.0 in May and worse than expectations for a reading of 55.7.

The data research firm also said its manufacturing PMI for France fell to an eight-month low of 47.8 in June from 49.6 in May while the services PMI dropped to 48.2 from 49.1.

Stocks on the Move

easyJet PLC fell 2% while tour operator TUI Travel PLC was down 1.3%. Airline shares were hurt by the rising oil prices as violence continued in Iraq.

Over in Paris, Air France-KLM also dropped 2%.

Alstom SA was volatile and traded flat at the time of writing after GE signed the $17 billion purchase of the company’s energy assets after the French government secured an option to buy 20% in the company from Bouygues.

Carrefour declined 0.6% following news Friday it had reached a deal to buy Spanish supermarkets group Dia’s loss-making French unit.