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Europe: Faltering PMIs add to a lacklustre week for stocks

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[BENGALURU] Downbeat economic data that pointed to a stalling of the euro zone recovery hit regional stock markets on Friday, with the pan-European Stoxx 600 index marking weekly losses as coronavirus cases rose across the continent. Read more at The Business Times.

"Today's euro zone PMI release confirms that while activity is on the mend, the pace of the recovery is slowing," Jai Malhi, a global market strategist at JP Morgan Asset Management wrote."It's no coincidence that the recovery is losing pace as concerns over new infections have risen."

London's exporter-heavy FTSE 100 slipped only 0.2 per cent, supported by a slump in the pound on a mix of bad news on the latest Brexit negotiations and gains for the US dollar. Irish building and insulation materials firm Kingspan jumped 8.9 per cent after its chief executive said the company saw significant pent-up demand post-lockdown.

 

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