Europe midday: Stoxx holds up despite Ukraine tensions, EZ survey data
By Frank Prenesti
Date: Friday 22 Nov 2024
(Sharecast News) - European shares held gains on Friday after a choppy week but were down over the five sessions as tensions between Russia and the West heightened over the supply of long-range missiles to Ukraine.
The pan-European Stoxx 600 index was up 0.49% to 505.06 in early deals. Tensions escalated during the week when first the US and then Britain lifted a ban on the use of missiles they supply to Ukraine for strikes inside Russia. After targets were hit Moscow responded by firing an experimental hypersonic weapon at the city of Dnipro.
On the economics front, business activity in the eurozone unexpectedly declined in November, according to a flash reading from the Hamburg Commercial Bank purchasing managers' index (PMI) released on Friday morning, which dropped to its lowest level in 10 months.
The eurozone composite PMI compiled by HCOB and S&P Global declined to 48.1 this month, down from the neutral 50-point level seen in October.
This was the lowest reading since January and well below the consensus forecast of 50.0, as both indices recording services and manufacturing activity moved into negative territory.
Investors were also eyeing flash survey data on the state of the eurozone economy.
UK retail sales fell more than expected in October amid uncertainty ahead of the Budget, according to official figures.
Retail sales fell by 0.7% on the month in October following a 0.1% increase the month before. Economists had been expecting a 0.3% decline. September's gain was revised down from 0.3%.
Germany's economy escaped a technical recession in the third quarter of 2024, but growth still came in below forecasts, according to official figures out on Friday from Destatis.
The Federal Statistical Office reported that the GDP expanded by a paltry 0.1% between July and September, rebounding after a 0.3% quarterly decline in the second quarter.
In equity news, Warhammer maker Games Workshop hit record highs after reporting better-than-expected trading since its last update on September 18.
Reporting by Frank Prenesti for Sharecast.com
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