(MENAFN– ecpulse)
European stocks were slightly lower Thursday morning, the first trading session of 2014 after trading returned from the holiday break.
- Stoxx 600 lost 0.06 percent or 0.21 points to 328.05
- Stoxx 50 dropped 0.18% to 3103.43 . As of 03:59 a.m. EST.
Data earlier showed today confirmed that manufacturing in the euro zone expanded last month at the fastest pace since May 2011, while output in Germany , the currency bloc’s largest economy, expanded for a sixth consecutive month.
Meanwhile, French President Francois Hollande has reiterated his pledge to reduce unemployment while putting an offer to companies that will allow lower labor charges for hiring more staff. In his televised New Year`s address, he had vowed to bring down unemployment by the end of 2013.
In Asia, Chinese stocks were held back by weaker than expected data. Hong Kong’s Hang Seng index was up 0.1 per cent in late trade, but on the mainland the Shanghai Composite fell 0.4 per cent after purchasing manager surveys of the manufacturing sector disappointed.
The privately-conducted HSBC survey fell to 50.5 in December, down from an eight-month high of 50.8 in November, while the official survey showed a similar decline on Wednesday.
Corporate News
Fiat SpA has finally found a deal with the UAW Retiree medical Benefits Trust to acquire the remaining 41.46% stake in U.S. automaker Chrysler Group LLC for $3.65 billion. Fiat’s share was up 12.5% in the morning.
Belgium-based financial services group RHJ International announced that it has completed the spin-off of Ripplewood merchant banking business.
British department store group Debenhams Plc. announced that Simon Herrick has decided to resign from his role as Chief Financial Officer and as a director of the company with immediate effect.
-The British FTSE 100 lost 0.36% or 24.59 points to 6724.50
-The French CAC 40 lost 0.43% or 18.67 to 4277.28
-Frankfurt’s DAX 30 lost 0.13% or 12.56 points to 9539.60
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