Level 2

Europe close: Stocks end mixed amid holiday Stateside

By Alexander Bueso

Date: Monday 02 Sep 2024

Europe close: Stocks end mixed amid holiday Stateside

(Sharecast News) - European shares finished on a mixed note on Monday as investors bid their time ahead of the release of a key monthly jobs report due out at the end of the week.
US markets were closed for the Labor Day holiday but there was considerable anxiety ahead of the August non-farm payrolls data, as it might determine whether the Federal Reserve would cut rates by 25 or 50 basis points at its next meeting.

The pan-regional Stoxx 600 index drifted lower by 0.02% to 524.94 after hitting fresh records during the preceding week.

The downturn across the eurozone's manufacturing sector continued in August, with the regional purchasing managers' index (PMI) remaining under the neutral 50-point level for the 26th month in a row as it came in at 45.8 for last month, revised higher from the preliminary estimate of 45.6 to match the same level as in June and July.

Asian shares fell overnight, on the back of a weak China manufacturing survey reading over the weekend, although a private survey that covers smaller companies reported a return to growth.

The Caixin purchasing managers' index for the sector rose to 50.4 from 48.8 in July, coming in ahead of consensus expectations of 50.0.

In equity news, shares in online real estate agent Rightmove surged by over a quarter as Australian real estate advertising company REA Group has confirmed speculation that it is considering a possible cash and share offer for the platform.

REA, majority owned by Rupert Murdoch's News Corp, said in a statement on Monday that it sees "clear similarities" between the two groups, but has not yet approached, nor had any discussions with, Rightmove regarding any potential offer.



..

Email this article to a friend

or share it with one of these popular networks:


Top of Page