European Equities Close Out Week Lower in Friday Trading; UK GDP Contracts in June
European stock markets closed lower in Friday trading as The Stoxx Europe 600 dropped 1.12%, Germany's DAX fell 0.89%, the FTSE 100 declined 0.38%, France's CAC lost 0.92%, and the Swiss Market Index was down 1.60%.
In the UK, monthly real gross domestic product declined an estimated 0.1% in May, after a 0.3% decline in April, and growth of 0.4% in March, according to the Office for National Statistics. Analysts were expecting growth of 0.1%, according to Bloomberg. Real GDP grew an estimated 0.5% during the three months to May, compared with the three months to February.
In France, annual inflation rose 1% in June, up from 0.7% in May, according to the National Institute of Statistics and Economic Studies. The increase was attributed to an acceleration in service prices and by a decelerating decline in energy prices.
In Switzerland, the consumer sentiment index was minus 32 points for June, compared with minus 36 a year earlier, according to the Swiss Federal Statistical Office. Analysts were expecting minus 35, according to Bloomberg.
And in corporate news, Meta Platforms is almost certain to be hit by new antitrust charges in the EU as the Facebook owner is very unlikely to tweak its pay-or-consent model, Reuters reported Friday, citing people with direct knowledge of the matter.
Last month, the European Commission warned the company of potential daily fines after it was told that Meta's model would only see limited changes to follow the EU's Digital Markets Act, according to the report. Meta Platforms and the Commission didn't immediately respond to requests for comment from MT Newswires.
Source : MT Newswires
