(Bloomberg) — European stocks were poised for a second straight week of gains ahead of US manufacturing data that will provide clues on the health of the economy.
The Stoxx 600 Index was little changed at 8:15 a.m. in London, with the benchmark still up about 0.6% on the week.
Automakers underperformed as some electric-vehicle models that had previously received US tax credits failed to make it into the new list under tougher rules. Financials and energy sectors were among the biggest outperformers.
In individual stocks, Airbus SE dropped after it fell just short of meeting its annual delivery target for 2024 by handing over about 760 aircraft to customers. GSK Plc was up as the China National Medical Products Administration approved the drugmaker’s Nucala (mepolizumab) as an add-on therapy for the treatment of adult patients with chronic rhinosinusitis.
European stocks have struggled to sustain a rally since mid-2024, pressured by weak regional economies and political uncertainty. Investors are awaiting clarity on US trade policies following the swearing in of President-elect Donald Trump later this month.
The region’s cyclical stocks are starting to come under pressure from weakening consumer confidence.
“We think tourism and consumer services more broadly are the main bright spot in an economy that continues to be hit by weak manufacturing activity and a lack of export demand,” said Panmure Liberum strategist Joachim Klement. “Going into 2025, we focus on services companies rather than industrials or consumer goods.”
For more on equity markets:
Expensive Cyclicals at Mercy of Uncertain Economy: Taking StockM&A Watch Europe: EssilorLuxottica, Pierer, Deutsche TelekomUS Stock Futures Unchanged; Resources Connection Gains
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–With assistance from Michael Msika.
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Publish date : 2025-01-03 00:48:00
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