European Stocks Close Broadly Lower Ahead Of Key Data, ECB Policy

(RTTNews) - European stocks closed lower on Monday after a somewhat choppy session, as investors were a bit reluctant to make significant moves ahead of a slew of key economic data, and the European Central Bank's policy announcement this week.

Investors awaited cues from the U.K. spring budget, Powell's congressional testimony, and the European Central Bank's policy announcement.

The pan European Stoxx 600 edged down 0.03%. The U.K.'s FTSE 100 ended 0.55% down, and Germany's DAX drifted down 0.11%, while France's CAC 40 gained 0.28%. Switzerland's SMI ended lower by 0.14%.

Among other markets in Europe, Austria, Belgium, Finland, Iceland, Norway, Poland, Portugal, Sweden and Turkiye closed weak.

Denmark, Greece, Netherlands and Russia ended higher, while Spain ended flat.

In the UK market, Entain ended lower by about 7%. Ocado recovered after plunging more than 6%. St. James's Place ended more than 4% down. Anglo American Plc, Next, Whitbread, Croda International, Burberry Group, Mondi, Kingfisher, Schrodders and RS Group lost 2 to 3%.

Endeavour Mining rallied nearly 4%. Melrose Industries, BT and Pearson gained 2 to 2.5%.

In the German market, Daimler Truck Holding, Fresenius, Fresenius Medical Care, Zalando, Porsche, Vonovia and Puma lost 2 to 4%.

Henkel ended lower by about 2% after the chemical and consumer goods company warned of slower sales growth this year.

Covestro, BASF, Siemens Energy, Commerzbank, Adidas, Infineon and Brenntag also ended notably lower.

MTU Aero Engines gained about 3%. Volkswagen, SAP, Qiagen, Siemens Healthineers and Munich RE advanced 1 to 1.8%.

In Paris, WorldLine, Kering, ArcelorMittal, Pernod Ricard, LVMH, Sanofi, TotalEnergies, Renault and STMicroElectronics ended with sharp to moderate losses.

BNP Paribas gained more than 2% after the lender announced the launch of a share repurchase program of 1.055 billion euros.

Thales, Airbus Group, Safran, Air Liquide and Unibail Rodamco gained 1.5 to 2%.

In economic news, survey data published by the behavioral research institute Sentix showed Eurozone investor confidence improved for the fifth straight month to a one-year high in March but remained negative indicating that a spring revival would probably be an exaggeration.

The investor confidence index rose to -10.5 in March from -12.9 in February. The score was the highest since April 2023. The reading was seen at -10.8. The current situation indicator hit a nine-month high of -18.5 in March, up from -20.0 in the previous month.

A report from the mechanical engineering industry body VDMA said German manufacturers continued to receive fewer orders for plant and machinery in January compared to a year ago.

New orders for plant and machinery decreased 10% year-on-year at the start of the year. Domestic orders fell 11.0 percent year-on-year, and foreign demand shrank 9%.

Data published by the Federal Statistical Office showed Swiss consumer price inflation weakened to the lowest level in more than two years in February, softening to 1.2% in the month from 1.3% in January. However, the rate was slightly above economists' forecast of 1.1%.

The Swiss National Bank forecast inflation at 1.9% this year and 1.6% for 2025.