European shares slip but set for weekly gains; Mercedes drops
2024.09.20 04:43
(Reuters) – European shares slipped on Friday after a rally in the previous session spurred by U.S. Federal Reserve’s outsized interest rate cut, while shares of Mercedes were set for their worst day in 15 months after the company cut its core profit outlook.
The pan-European index fell 0.4% to 519.52 points as of 0710 GMT, but was on track for a second straight week of gains.
All major European markets were trading lower, except Spain’s that edged up 0.1%.
Automobile shares led sectoral losses with an over 3% fall, hurt by a 7.6% drop in Mercedes-Benz (OTC:) following the carmaker cutting its full-year profit margin for the second time in less than two months, after overall sales volume fell in China.
slid 0.7%. German producer prices fell less than expected in August, decreasing by 0.8% on the year versus expectations of a 1.0% decline.
100 declined 0.6%, after a survey showed consumer confidence dropped sharply to a six-month low in September.
Investors now shift focus to euro zone’s consumer confidence data for September, due at 1400 GMT, for more clues on the health of the region’s economy.
Among other movers, Novo Nordisk (NYSE:) advanced 0.5% after the European Medicines Agency backed the use Danish drugmaker’s popular drug Wegovy to help ease heart failure in people with obesity.
