European stocks slipped on the final trading day of the month, as better-than-expected earnings results failed to quell concerns over the global economy.
The Stoxx Europe 600 index SXXP,
Fresh data from China revealed encouraging factory data, but that was on the heels of troubling U.S. data showing persistently high worker layoffs and a record-breaking 32.9% drop in gross domestic product on an annualized basis in the second quarter. Fresh coronavirus outbreaks in some U.S. states and other countries have forced some businesses to close again.
U.S. stocks were trading lower in early action, apart from technology stocks. Data showed a drop in U.S. consumer sentiment for July against a backdrop of rising coronavirus cases rose and expiring federal aid relief programs.
“What is probably more worrying for investors appears to be the realization that the negative headlines with respect to a possible second wave will only make it that much more difficult to achieve any sort of prospect of a V-shaped recovery, particularly since the U.S. labor market rebound appears to have come to a halt,” said Michael Hewson, chief market analyst at CMC Markets, in a note to clients.
Meanwhile, lockdown fallout pushed French gross domestic product to a record 13.8% drop in the second quarter and Spanish GDP slumped 18.5%. Eurozone GDP fell 12.1%.
Read:Spain’s the real sore spot as Europe’s terrible GDP numbers are released
Fears of a second wave of the pandemic were rising in the U.K. after the government imposed fresh lockdown restrictions in northern swaths of the country late Thursday. A surge of coronavirus cases due to people not adhering to social distancing rules were to blame for new restrictions, said health secretary Matt Hancock. Spain and Belgium are also battling new outbreaks.
Europe’s technology stocks were on the rise Friday, after iPhone maker Apple AAPL,
Shares of semiconductor companies ASM International NV ASM,
Nokia Oyj NOK,
British American Tobacco PLC BATS,
On the downside, shares of International Consolidated Airlines Group IAG,
Shares of Air France-KLM SA AF,
Also weighing on the main index were energy shares, with Royal Dutch Shell PLC RDS.A,
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