Investing.com - European stocks closed mostly lower Friday, after the release of disappointing German and U.S. data, while discussions over the U.S. “fiscal cliff” appeared to have stalled.
At the close of European trade, the EURO STOXX 50 fell 0.25%, France’s CAC 40 gave back 0.33%, while Germany’s DAX 30 added 0.06%.
Pressuring shares lower, U.S. personal spending fell unexpectedly last month, official data showed on Friday.
In a report, the Bureau of Economic Analysis said that personal spending fell to a seasonally adjusted -0.2%, from 0.8% in the preceding month.
Analysts had expected personal spending to rise 0.2% last month. While, the U.S.’s Chicago PMI rose less-than-expected last month, data showed on Friday.
In a report, research group Kingsbury International said that the Chicago PMI rose to a seasonally adjusted 50.4, from 49.9 in the preceding month.
Analysts had expected the Chicago PMI to rise to 50.5 last month.
Official data earlier showed that German retail sales dropped by 2.8% in October, more than the expected 0.2% fall, following a 0.5% rise the previous month.
On Thursday, the Obama administration and the Republican-controlled House of Representatives reached a deadlock over how to prevent the country going over the so-called “fiscal cliff,” USD600 billion worth of sharp federal spending cuts and tax increases, in January 2013.
Sentiment strengthened earlier in the week, as U.S. President Barack Obama said Wednesday he hoped to reach an agreement with Congress before Christmas.
Financial stocks were broadly higher, as shares in French lenders BNP Paribas and Societe Generale climbed 0.79% and 0.54%, while Germany's Deutsche Bank and Commerzbank advanced 0.41% and 0.50% respectively.
Meanwhile, TNT Express jumped 1.18% after UPS, the world’s biggest package-delivery company, made concessions to regulators reviewing its purchase of TNT, a deal that would double its size in Europe.
Ferrovial, a Spanish builder and airport operator, also added to gains, with shares rallying 1.59% as the company’s board approved a 1 euro per share dividend for 2012, payable on December 13.
On the downside, Hugo Boss, the German luxury-clothing maker controlled by Permira Advisers, fell 0.26% after Goldman Sachs downgraded the stock to neutral from buy.
In London, FTSE 100 slipped 0.06%, weighed by losses in financial stocks.
Shares in the Royal Bank of Scotland led losses, tumbling 1.17%, while Lloyds Banking and Barclays both dropped 0.43%. HSBC Holdings overperformed on the other hand, climbing 0.48%.
Mining stocks trended higher on the other hand, as shares in Rio Tinto and BHP Billiton added 0.31% and 0.25%, while copper producers Xstrata and Kazakhmys advanced 0.71% and 1.18%.
In the U.S., stocks followed lower with the Dow Jones down 0.13%, the S&P 500 off by 0.24% and the tech heavy Nasdaq lower by 0.23%,
At the close of European trade, the EURO STOXX 50 fell 0.25%, France’s CAC 40 gave back 0.33%, while Germany’s DAX 30 added 0.06%.
Pressuring shares lower, U.S. personal spending fell unexpectedly last month, official data showed on Friday.
In a report, the Bureau of Economic Analysis said that personal spending fell to a seasonally adjusted -0.2%, from 0.8% in the preceding month.
Analysts had expected personal spending to rise 0.2% last month. While, the U.S.’s Chicago PMI rose less-than-expected last month, data showed on Friday.
In a report, research group Kingsbury International said that the Chicago PMI rose to a seasonally adjusted 50.4, from 49.9 in the preceding month.
Analysts had expected the Chicago PMI to rise to 50.5 last month.
Official data earlier showed that German retail sales dropped by 2.8% in October, more than the expected 0.2% fall, following a 0.5% rise the previous month.
On Thursday, the Obama administration and the Republican-controlled House of Representatives reached a deadlock over how to prevent the country going over the so-called “fiscal cliff,” USD600 billion worth of sharp federal spending cuts and tax increases, in January 2013.
Sentiment strengthened earlier in the week, as U.S. President Barack Obama said Wednesday he hoped to reach an agreement with Congress before Christmas.
Financial stocks were broadly higher, as shares in French lenders BNP Paribas and Societe Generale climbed 0.79% and 0.54%, while Germany's Deutsche Bank and Commerzbank advanced 0.41% and 0.50% respectively.
Meanwhile, TNT Express jumped 1.18% after UPS, the world’s biggest package-delivery company, made concessions to regulators reviewing its purchase of TNT, a deal that would double its size in Europe.
Ferrovial, a Spanish builder and airport operator, also added to gains, with shares rallying 1.59% as the company’s board approved a 1 euro per share dividend for 2012, payable on December 13.
On the downside, Hugo Boss, the German luxury-clothing maker controlled by Permira Advisers, fell 0.26% after Goldman Sachs downgraded the stock to neutral from buy.
In London, FTSE 100 slipped 0.06%, weighed by losses in financial stocks.
Shares in the Royal Bank of Scotland led losses, tumbling 1.17%, while Lloyds Banking and Barclays both dropped 0.43%. HSBC Holdings overperformed on the other hand, climbing 0.48%.
Mining stocks trended higher on the other hand, as shares in Rio Tinto and BHP Billiton added 0.31% and 0.25%, while copper producers Xstrata and Kazakhmys advanced 0.71% and 1.18%.
In the U.S., stocks followed lower with the Dow Jones down 0.13%, the S&P 500 off by 0.24% and the tech heavy Nasdaq lower by 0.23%,