European Stocks Down, PMI Contraction Weighs Down Sentiment
European stock markets closed lower on Wednesday (June 3), with the Stoxx Europe 600 down 0.7%. Pressure was also evident in major indices: Germany's DAX 40 fell 1.3%, the FTSE 100 fell 0.4%, while France's CAC 40 and the Swiss Market Index each fell 0.7%.
Sentiment was also weighed down by business activity data. The S&P Global Eurozone Composite PMI Output Index (seasonally adjusted) fell to 48.5 in May from 48.8 in April, marking the deepest contraction in 18 months. A reading below 50 indicates continued contraction in the private sector, reinforcing market concerns about growth momentum.
On the corporate side, Novo Nordisk announced the launch of its Wegovy oral tablet in the United Arab Emirates and plans to expand to several other markets in the second half of the year, but its shares still fell 2.1% in Copenhagen. Stellantis also came under scrutiny after reports suggested the company would produce three new electric and hybrid Peugeot models in Mulhouse starting in 2029 on the STLA One platform; its shares fell 4.2% in Paris.
In the technology and banking sector, Ericsson fell 0.3% in Stockholm after Vonage launched industry-specific AI agents for healthcare, finance, and retail. Deutsche Bank fell 3.6% in Frankfurt after reports suggested the bank may set aside larger-than-expected loan loss provisions in the second quarter, though still lower than the previous quarter. (arl)*
Source: Newsmaker.id
