(Bloomberg) — European stocks dipped, with investors looking ahead to a slew of economic data that will help cement views on the path for interest rates and the economy.
The Stoxx Europe 600 Index was 0.2% lower by the close. The media and consumer products sectors were the biggest laggards, while bank and mining shares were among the best performers.
Kuehne Nagel International AG shares fell 9.1% after Deutsche Bank AG downgraded the transport company to hold from buy, as weaker jobs data and consumer confidence are putting pressure on the firm.
European shares are hovering near their March record, buoyed by a resilient global economy. Equity strategists surveyed by Bloomberg expect the benchmark to reach fresh peaks before the end of the year, boosted by improving earnings and falling US rates.
Investors will be awaiting Purchasing Managers’ Index readings due next week in countries including Germany, the UK and the US for clues about growth.
In other individual stocks, Stellantis NV edged higher after Berenberg upgraded the carmaker to buy. Aumovio SE rose 1.2% after its stock market debut on Thursday, following a split from Continental AG.
Claudia Panseri, chief investment officer for France at UBS Wealth Management, said she expected stocks to remain subdued following a good run after the Federal Reserve’s interest-rate cut this week.
Meanwhile, European equity funds saw $300 million outflows in the week through Sept. 17, according to a Bank of America Corp. note that cited EPFR Global data.
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–With assistance from Farah Elbahrawy, Sagarika Jaisinghani and Michael Msika.
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