The European markets returned to negative territory

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European stock markets returned to negative territory on Wednesday, which started today’s session with gains, as investors closely monitor developments around the coronavirus pandemic.

In particular, the pan-European Stoxx 600 recorded losses of 0.09% to 478.81 points, with the travel and leisure sector declining 2.4%. At the same time, the other pan-European Stoxx 50 records a drop of 0.60%.

On the rest of the board, the German DAX loses 0.87%, the British FTSE 100 the French falls 0.10% CAC-40 is moving down by 0.56%.

In the periphery, the Spanish IBEX-35 The Italian is down 0.32% FTSE MIB loses 0.31%.

Germany is expected to decide today on tougher measures amid rising coronavirus cases, while France recorded more than 30,000 new cases on Tuesday for the first time since August.

Investors are also assessing recent economic data for the eurozone. Eurozone markets closed at a three-week low yesterday, the worst meeting in almost two months, despite yesterday’s data showing that eurozone business activity rose unexpectedly in November, as a resurgence of the pandemic in Europe has sparked severely restrictive measures raising concerns about economic activity.

It is recalled that the composite PMI of IHS Markit strengthened to 55.8 points in November from 54.2 points in October, exceeding the estimates of analysts who placed the index at 53.2 points.

In today’s macro, the German business climate worsened for the fifth consecutive month in November, as supply problems in the manufacturing sector and rising coronavirus cases overshadowed growth prospects for Europe’s largest economy. The Ifo Institute said the business climate index fell to 96.5 points from 97.7 points in October. Analysts expected a drop to 96.6 points.

Meanwhile, the climate in manufacturing sector in France in November, despite supply problems and the spread of the Delta mutation across Europe. The manufacturing climate stood at 109 points in November, up from 107 points in October, according to Insee. Estimates spoke of 106 points.

In business news, United Utilities Group announced higher pre-tax profits for the first half of the year, as consumption recovered, and predicted that revenues would increase by 2% throughout the year. The NWF water company reported pre-tax profit of 21 212.7 million ($ 284.5 million) in the six months to September 30, up from 201 201.1 million in the first half. of the year 2021.


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