European shares traded close to flat on Thursday as upbeat surveys on Germany an...
- European shares traded close to flat on Thursday as upbeat surveys on Germany and the euro zone offset signs that U.S. policymakers had not intended to start a cycle of interest rate cuts with last month’s move.
The leading indicator also showed French business activity expanded in August, pointing to resilience in the euro zone’s two biggest economies after Germany contracted in the second quarter. The data helped the pan-European STOXX 600 index to recover from solid initial losses to trade just 0.1% lower by 0815 GMT, with Italian stocks“What we are seeing is the service sector holding up comfortably well while the industrial slump has got more room to run and even possibly deepen,” said Holger Schmieding Chief Economist at Berenberg.
“That is actually good news because the immediate challenge for Italy is to come up with a 2020 budget by mid-October, now the 5-Star and Democratic Party could possibly broker a compromise with the EU which would reduce uncertainty,” Schmieding said.
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