Stock Market News

European stocks weaken as manufacturing PMI results disappoint

2023.05.23 03:52


© Reuters.

Investing.com – European stock markets edged lower Tuesday, with uncertainty surrounding U.S. debt ceiling negotiations weighing as well as disappointing European manufacturing sector surveys.

At 03:30 ET (07:30 GMT), the contract in Germany traded 0.2% lower, in France traded 0.4% lower and the contract in the U.K. fell 0.2%.

Data released Tuesday showed that the remained in the doldrums, while its release slipped from April’s levels while remaining in expansionary territory.

Sentiment in the important German manufacturing sector also retreated in May, with its falling to 42.9 from 44.5, but a strong result helped its rise.

Better-than-expected PMI surveys helped boost sentiment in April, but that confidence is draining away as the European Central Bank continues its fight against inflation with further monetary tightening likely.

The still needs to raise its interest rates further to bring inflation down to its medium-term goal of 2%, ECB policymaker Pablo Hernández de Cos said on Monday.

Also weighing, U.S. President Joe Biden and House Speaker Kevin McCarthy ended discussions late Monday with no agreement on how to raise the U.S. government’s $31.4 trillion debt ceiling.

Some hints of progress emerged from the talks, with McCarthy saying the meeting was “productive”, but there are less than two weeks before a possible first-ever U.S. government default that would roil the financial markets and likely lead to a global recession.

The European earnings season is coming to a close, but Julius Baer (SIX:) stock fell 8% after the Swiss wealth manager managed to report only modest money inflows after a slow start to the year, struggling to take advantage of UBS’s (SIX:) takeover of troubled rival Credit Suisse (SIX:) earlier this year.

Oil prices stabilized Tuesday, with the debt ceiling uncertainty hitting risk sentiment even as the U.S. driving season draws nearer.

U.S. fuel consumption is set to pick up with the start of the summer season, which is usually marked by the Memorial Day weekend. This, coupled with disruptions in Canadian supply due to wildfires in the oil-rich Alberta province, pointed to tighter oil markets in the coming months.

By 03:30 ET, futures traded largely flat at $72.06 a barrel, while the contract was flat at $76.00.

Additionally, fell 0.9% to $1,958.95/oz, while traded 0.2% lower at 1.0794.

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