European stocks traded in different directions, but with a slight change. The focus is on corporate profits and the latest statistical data for the euro area.
The revised data released by the Statistical Office, Eurostat, showed that economic growth in the eurozone maintained the pace in the second quarter, confirming at the same time the preliminary estimates provided in late July. According to the report, the gross domestic product of 19 countries in the currency bloc in the second quarter increased by 0.3 percent compared to the previous three-month period and increased by 1.6 percent year on year. Last change coincided with the forecasts. Recall that in the first quarter Eurozone GDP grew by 0.6 percent in quarterly terms and by 1.7 percent on an annual basis
A separate report from the Eurostat showed that the seasonally adjusted volume of industrial production in the eurozone rose in June by 0.6% after contracting 1.2% in the previous month. The experts predicted an increase of 0.5%. Meanwhile, among the EU countries, industrial production rose by 0.5% after falling 1.1% the previous month. On an annual basis, industrial production increased by 0.4% in the euro area and by 0.5% in the EU. It was expected that production in the euro zone will grow by 0.7% after rising 0.3% in May.
Some support also has a rise in oil prices against the background of recent statements by the Minister of Petroleum of Saudi Arabia. He noted that at the informal meeting of OPEC members and countries outside the cartel, which will be held in Algiers in September, could be discussed measures to stabilize the oil market. In addition, he added that the balance of the fundamental factors in the oil market is recovering.
The composite index of Europe’s largest enterprises Stoxx Europe 600 fell less than 0.1. The trading volume today is about 41 percent lower than the average of 30 days. “Despite the positive background, there are still some lingering concerns over the banking sector and low inflation – said Nicolas Lopez, head of MG Valores Research -. But pessimism, which intensified immediately after Brexit gradually fades away, and we should continue to see upward movement. “
Shares of mining companies shows the worst result among the 19 industry. Quotes of Rio Tinto Group and Randgold Resources Ltd. decreased by at least 2.1 percent.
Shares of A.P. Moeller Maersk A / S rose 3.6 percent after the largest company in Denmark said that earnings before interest and taxes exceeded projections.
Capitalization of Tullow Oil Plc increased 3.9 percent, as Bank of America Merrill Lynch upgraded the company’s stock rating to “buy” from “neutral.”
At the moment:
FTSE 100 +5.50 6920.21 + 0.08%
DAX -27.72 10715.12 -0.26%
CAC 40 -4.51 4499.44 -0.10%
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