Euro stocks close mixed

Brussels — European stocks turned in another mixed performance as investors stayed cautious on Thursday, looking ahead to the Federal Reserve’s symposium and largely shrugging off trade concerns.

Investors also digested the latest batch of regional economic data, including flash estimates of manufacturing and services sector activity in the major economies.

The pan-European Stoxx 600 ended flat. The UK’s FTSE 100 gained 0.23%, and Germany’s DAX edged down 0.07%, while France’s CAC 40 closed down 0.4%. Switzerland’s SMI drifted down 0.28%.

Among other markets in Europe, Austria, Belgium, Denmark, Norway, Poland, Portugal, and Turkey ended higher. Finland, Ireland, Netherlands, Russia, and Sweden closed weak, while Czech Republic, Greece, Iceland, and Spain settled flat.

In the UK market, Endeavour Mining climbed 2.35%. BAE Systems, Babcock International, Natwest Group, Prudential, Fresnillo, Rolls-Royce Holdings, Anglo American, Whitbread, Tesco, and British American Tobacco gained 1 to 2%.

Legal & General Group shares closed down 2.4%. Schroders, Persimmon, Croda International, Barratt Redrow, St. James’s Place, Rentokil Initial, Mondi, and Coca-Cola HBC also ended notably lower.

In the German market, Rheinmetall rallied about 3.5%. Commerzbank gained nearly 3%, while Siemens Energy advanced 1.35%. Deutsche Bank, RWE, Fresenius, and Qiagen also ended with impressive gains.

Sartorius, Beiersdorf, Deutsche Post, Daimler Truck Holding, BASF, Heidelberg Materials, Brenntag, Merck, and Symrise lost 1 to 2.7%.

In the French market, Safran climbed about 1.2%. Airbus, STMicroElectronics, Thales, Societe Generale, TotalEnergies, and Sanofi gained 0.5 to 1%.

ArcelorMittal closed down by about 2.5%. Pernod Ricard, LVMH, Hermes International, Stellantis, Kering, and L’Oreal also ended with notable losses.

In economic news, Germany’s private sector grew the most in five months in August driven by the upturn in manufacturing output, purchasing managers’ survey data from S&P Global showed.

The flash HCOB composite output index posted 50.9 in August, up from 50.6 in July. This rise was above the forecast of 50.2.

The manufacturing Purchasing Managers’ Index climbed to a 38-month high of 49.9 from 49.1, while it was expected to fall to 48.8. Meanwhile, the services PMI dropped more than expected to 50.1 from 50.6 in July. The reading was seen at 50.3.

Flash survey results from S&P Global showed France’s private sector activity showed signs of stabilization in August after a sustained period of contraction.

The headline HCOB composite output index posted 49.8 in August, down from July’s 48.6. The flash reading was the highest in exactly a year.

The services Purchasing Managers’ Index rose to 49.7, while it was forecast to remain unchanged at 48.5. At the same time, the manufacturing PMI advanced unexpectedly to 49.9 from 48.2 in the previous month. The reading was forecast to fall to 48.0.

The HCOB Eurozone Composite PMI rose to 51.1 in August from 50.9 in the previous month, beating market expectations of a slowdown to 50.7 to mark the sharpest pace of expansion in the bloc’s private sector output since May of the previous year, according to a flash estimate. The services sector PMI reading came in with a score of 50.7 for August, down from 51.0 a month earlier, while the manufacturing PMI reading for August came in at 50.5, up from 49.8 in July.

A report from the Office for National Statistics said the UK budget deficit narrowed in July to the lowest level for the month in three years, decreasing to £1.1 billion ($1.5 billion) from £3.4 billion in the previous year.

Borrowing was below the £2.1 billion shortfall projected by the Office for Budget Responsibility and also reached the lowest July borrowing for three years. In the financial year to July, borrowing increased by £6.7 billion from the same period last year to £60.0 billion, which was the third-highest April to July borrowing on record. Data showed that public sector net debt excluding public sector banks was estimated at 96.1% of gross domestic product at the end of July.