Europe close: Stocks end on mixed note
By Alexander Bueso
Date: Wednesday 05 Apr 2023
(Sharecast News) - European shares ended on a mixed note following the release of softer than expected readings for services sector activity on either side of the Atlantic.
The pan-European Stoxx 600 was down 0.16% to 456.59, alongside a 0.53% decline for Germany's Dax to 15,520.17.
Spain's Ibex 35 however gained 0.78% to 9,254.60.
Euro/dollar on the other hand fell 0.47% to 1.0902.
In economic news, the economic recovery in the eurozone continued to gather pace in March, although the picture was mixed across countries, according to a survey released on Wednesday.
S&P Global's composite output index rose to a 10-month high of 53.7 in March from 52.0 in February. This was below the preliminary estimate of 54.1 but marked the third month in a row that it came in above the 50.0 mark that separates contraction from expansion.
Meanwhile, the final eurozone services business activity index came in at 55.0 in March, also a 10-month high, from 52.7 a month earlier. This was the fastest rate of growth since May 2022 but was a touch below the initial estimate of 55.6.
German factory orders surged by a surprising 4.8% in February against a 0.5% rise in the prior month, according to official data released on Wednesday.
Economists had forecast a 0.3% increase. According to the federal statistics agency, new orders in the capital goods sector jumped by 7.3% in February, the third increase in a row, while intermediate goods orders rose 1.3% and consumer goods 1.9%.
On the equities front, French catering and food services group Sodexo surged after unveiling plans to spin-off and list its Benefits & Rewards Services business during 2024.
Shares in chocolate maker Barry Callebaut fell as the firm appointed a new chief executive and reported a decline in first half sales volumes.
Electronics distributor RS Group fell, despite saying adjusted operating profit would be slightly ahead of expectations.
Engineering firm Wood Group also racked up strong gains after it said late on Tuesday that it would "continue to engage with its shareholders" after private equity firm Apollo Global Management made a fifth and final takeover offer at £1.66bn.
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