European stocks slumped as services PMI data pointed to slow economic recovery


Europe’s STOXX 600 index STOXX fell 0.2%
European stock markets slumped after eurozone services PMI data pointed to a slower-than-expected recovery in the region’s economy.

The STOXX 600 index, which tracks Europe’s largest companies
It fell 0.2%.

The industrial goods and services sector (.SXNP) fell 1.6%, while energy-related stocks (.SX6P) rose 1.4%.

IHS Markit euro area final services sector purchasing managers index (PMI) data was announced below the leading data announced as 55​ to 55.6 in March​.

The yield on eurozone government bonds rose after European Central Bank (ECB) board member Gabriel Makhlouf said yesterday that if the eurozone were to fall into a wage and price increase vortex, it would need tighter monetary policy.

Industrial orders in Germany rose above expectations in February, thanks to strong growth in the automotive sector.

If we look at the companies, the French company Sodexo
It rose 8.9% after it announced plans to separate and list its Benefits & Rewards Services subsidiary in 2024.

Swiss bank UBS
tried to assure its shareholders that Credit Suisse, which it saved from bankruptcy by purchasing, could be integrated with the bank. The bank’s shares fell 0.6%.

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