Mixed signs in the European markets with a view to the Summit

European stock markets continue to trade mixed signs on Thursday as investors await today’s NATO and G-7 meetings as well as the European leaders’ summit in Brussels.

EU leaders will meet in Brussels on March 24th and 25th to discuss Russia’s military offensive against Ukraine, security and defense and energy, with a focus on Europe ‘s gradual withdrawal from Russian energy products. The first day of the summit will be attended by US President Joe Biden.

On the board, the pan-European STOXX 600 index recorded small losses of 0.1% at 453.73 points.

The German DAX index lost 0.1% at 14,270.06 points, the French CAC 40 recorded marginal changes at 6,583.18 points, while the British FTSE 100 increased 0.2% to 7,477.38 points.

In the periphery, the Italian FTSE MIB gains 0.5%, while the Spanish IBEX 35 loses 0.3%.

At the end of the day, business growth in the Eurozone slowed in March as the economic impact of the Russian invasion of Ukraine nullified the impetus for further opening of economies from anti-Covid-19 restrictions.

In particular, the composite PMI, which combines manufacturing and services, fell to a two-month low of 54.5 points from 55.5 points in February, according to initial data from S&P Global.

The PMI for the services sector fell to 54.8 points in March from 55.5 points in February. The manufacturing PMI fell to a 14-month low of 57.0 points from 58.2 points. The manufacturing PMI slipped to a five-month low of 53.6 from 55.5 last month.

“Research data show that the Ukraine-Russia war has a direct and substantial impact on the Eurozone economy and underscores the risk that the Eurozone will fall in the second quarter,” said Chris Williamson, chief economist at S&P Global.