European Shares Broadly Lower On Growth Concerns

European Shares Broadly Lower On Growth Concerns

December 12, 2022

European stocks were broadly lower on Monday after a survey showed business activity in the euro zone declined for a fifth month in November, adding to the likelihood that the euro zone is sliding into a mild recession.

S&P Global’s final composite Purchasing Managers’ Index (PMI) for the region edged up to 47.8 in November from October’s 23-month low of 47.3 and matching a preliminary estimate.

The pan-European STOXX 600 was down 0.2 percent at 442.40, giving up earlier gains.

The German DAX slipped 0.4 percent and France’s CAC 40 index eased 0.3 percent while the U.K.’s FTSE 100 was up 0.2 percent.

Nestle fell about 1 percent after the Swiss FMCG company announced that it will restrict its marketing of high sugary products to kids under the age of 16.

Novartis climbed nearly 2 percent. The pharmaceutical company said a prostate treatment that delivers radiation to specifically targeted cancer cells helped patients in a study that will be used for U.S. regulatory approval.

Mining giant Glencore jumped 2.2 percent after entering into a $180 million corruption settlement with DRC.

Vodafone rose half a percent. The telecoms group said that Nick Read is stepping down as chief executive of the group after four years in the top job.

TR Property Investment Trust gained about 1 percent despite the company reporting a loss from operations before tax of 517.6 million pounds for the first half of the year.

National Grid was marginally lower after completing a £4.2bn deal to sell a 60 percent equity interest in its U.K. gas transmission and metering business (NGG) to a consortium.

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