European Stocks Close On Mixed Note

(RTTNews) - European stocks turned in a mixed performance on Wednesday as investors digested data showing a modest drop in U.S. producer prices in the month of August, and continued to assess the developments on the trade front. Some of the major markets started off on a firm note, but failed to sustain at higher levels.

The appointment of Sébastien Lecornu as France's new Prime Minister, and optimism about prospects of a larger than expected interest rate cut by the Federal Reserve next week aided sentiment.

Investors awaited U.S. consumer price inflation data and the European Central Bank's monetary policy announcement due later in the week.

The pan European Stoxx 600 edged down 0.02%. The U.K.'s FTSE 100 closed down 0.19% and Germany's DAX ended 0.36% down. France's CAC 40 gained 0.15%, and Switzerland's SMI lost 0.52%.

Among other markets in Europe, Austria, Belgium, Netherlands, Poland, Russia and Sweden ended weak.

Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Norway, Portugal, Spain and Turkiye closed higher.

In the UK market, Prudential climbed nearly 3.5%. Polar Capital Technology Trust, BAE Systems, HSBC Holdings, Fresnillo, St. James's Place, Pershing Square Holdings, Centrica, Anglo American Plc, Haleon, Halma, Standard Chartered, Rolls-Royce Holdings and Phoenix Group Holdings closed with strong gains.

Associated British Foods plunged more than 13% after the company warned of slowing sales at Primark in Europe, despite strong growth in the United States.

Relx and IAG both closed lower by more than 4%. Auto Trader Group, Marks & Spencer, 3i Group, Coca-Cola Europacific Partners, Easyjet, Convatec Group and Next also declined sharply.

In the German market, Siemens Energy rallied more than 4.5%, and Rheinmetall gained nearly 3%. Siemens Healthineers climbed 2.2%.

SAP ended nearly 3% down. Beiersdorf, Deutsche Telekom, Symrise, Continental, Puma, Qiagen, Covestro, Munich RE, Henkel, Porsche, Volkswagen and Fresenius Medical Care lost 1 to 2.3%.

In the French market, Thales, Societe Generale, Legrand, Schneider Electric and ArcelorMittal gained 2 to 3%. EssilorLuxottica, Bouygues and Credit Agricole also posted strong gains.

Publicis Groupe, Edenred, Pernod Ricard, Teleperformance, STMicroElectronics, Capgemini, L'Oreal and Stellantis lost 2 to 2.7%.