DAX Stock News Today – European Stocks Close Lower as US Job Growth Slows

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European stock markets ended the week in red as investors digested economic data from the euro zone and after a monthly US jobs report missed market expectations with slowing job growth.

The Stoxx Europe 600 was down 0.6%, the FTSE 100 Index in the UK and Germany’s DAX were down 0.4%, the Swiss Market Index declined 0.7% and the French CAC 40 closed 1.1% lower.

The euro area’s final services PMI edged down to 59 in August 2021 from 59.8 in July 2021, while still expanding at the second-fastest rate since 2006, IHS Markit said. The latest reading missed the flash figure of 59.7. Meanwhile, the eurozone’s composite output index fell to 59 in August from 60.2 in July, one of the fastest rates of growth in 15 years. It also fell short of the previously expected 59.5.

The eurozone’s seasonally adjusted retail sales in July fell 2.3% month on month, according to data released by statistical office Eurostat. The latest monthly reading was below the consensus estimate of 0.1% growth. On a yearly basis, retail trade jumped 3.1% in July, lower than the expected 4.8% growth.

The final IHS Markit/CIPS UK services PMI fell to 55.0 in August from 59.6 in July, marking the slowest growth rate since the service sector began to recover from COVID-19 lockdowns, data showed. The reading fell below the flash estimate of 55.5.

The UK’s final composite PMI in August dropped to 54.8 from 59.2 in July, as staff and materials shortages hampered growth.

Amsterdam, the Netherlands, has taken over as Europe’s largest share-trading center after beating London for the top spot in both July and August, Bloomberg News reported, citing data from Cboe Europe. The city recorded an average of 8.23 billion euros ($9.77 billion) of daily share trading on various venues in August, higher than the 7.63 billion euros traded in London.

On the corporate front, Novartis (NOVN.SW) was down over 1% after it halted a study evaluating CFZ533 for the prevention of organ rejection in patients receiving a kidney transplant after the therapy showed inferior efficacy following an interim analysis.