European stocks close at highest levels amid signs of economic slowdown
European stocks closed at their highest levels on Wednesday amid growing signs of a slowdown in economic activity on the continent. Strong gains from Roche Pharmaceuticals lifted the Swiss stock index to a weekly high.
Pan-European Stoxx 600 rises 0.4% after reaching weekly high
The pan-European Stoxx 600 closed up 0.4% after rising 0.8% on the day to a weekly high.
The survey showed that business activity in the euro area grew more than expected this month, especially in Germany, Europe’s largest economy. However, this prompted dealers to raise their bets that the European Central Bank will stop raising interest rates in September, according to Reuters.
Consumer confidence in the euro area falls in August
The figures showed that consumer confidence in the euro area fell by 0.9 points in August compared to July.
Worst monthly performance for Stoxx 600 this year
The Stoxx 600 is posting its worst monthly performance this year.
Energy stocks fall following lower crude oil prices
Energy stocks fell 1.1%, following the path of lower crude oil prices. Shares of Puma, Adidas, and JD Sports Fashion also fell 3.3-5.4% under the influence of US Foot Locker, which fell due to a lower annual forecast due to weak demand amid continued high inflation.
Swiss stock index rises with positive data from Roche Pharmaceuticals
The Swiss stock index rose 0.9% and Roche jumped 3.8% after inadvertently releasing positive data on a lung cancer drug trial from an interim analysis. More data will be needed to confirm the drug’s effectiveness.
Growth in healthcare sector contributed by Novo Nordisk
The share of the company Novo Nordisk also increased by 2.7%, contributing to the growth of the healthcare sector by 1.1%.
