The European STOXX 600 index lost 0.7%, with the technology subindex giving up around 1.3% and euro zone banks falling 1.7%.
European stocks closed lower on Fridayhit by declines in the technology and banking sectors, while Danish brewer Carlsberg Group suffered the biggest loss of the day following the rejection of its revised takeover proposal by British soft drinks producer Britvic.
The European STOXX 600 index lost 0.7%, with the technology subindex giving up around 1.3% and euro zone banks falling 1.7%. Carlsberg Group fell 9.3% after Britvic rejected its $3.93 billion takeover offer, arguing the proposal “significantly undervalued” the group and its prospects. In contrast, Britvic rose 7.7%.
Despite Friday’s drop, the European benchmark index posted a weekly gain of 0.8%, boosted by focus on Swiss and British central bank decisions during the week, recovering from the previous week’s drop caused by by the call of early parliamentary elections by French President Emmanuel Macron. The French benchmark CAC 40 index rose 1.7% on the week.
What the market analyzes
In economic data, the French services sector contracted more than expected in June, while in the euro zone business growth slowed sharply this month due to a drop in demand for the first time since February. Business activity in Germany, the bloc’s largest economy, also slowed in June.
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Public debt yields fell across the continent following the release of this data. Britain’s FTSE 100 index fell 0.4% as strong domestic retail sales data raised fears that interest rates will remain high for longer.
Globally, investors remained risk-averse and U.S. stocks traded lower as the chipmaking giant’s rally Nvidia seemed to fade away.
Source: Ambito
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