Overseas Trading: PMI Data Takes an Ax to European Stocks

Stocks in Europe are struggling following disappointing PMI data

Sep 23, 2016 at 8:50 AM
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It was a soft finish to the week for stocks in Asia, as traders continued to consider the latest central bank decisions out of Japan and the U.S. After being closed on Thursday for holiday, Japan's Nikkei settled with a 0.3% loss, with a stronger yen putting pressure on exporter stocks, and financial shares slipping on profit-taking after rallying earlier this week.

Elsewhere, the Nikkei's performance was mirrored by stocks in China, as the Shanghai Composite also fell 0.3% -- as did Hong Kong's Hang Seng. The one positive outlier was South Korea's Kospi, which managed to gain 0.2%. 

The losses were deeper in Europe, following the release of disappointing economic data. Specifically, the eurozone's flash purchasing managers index (PMI) missed expectations, tumbling to a nearly two-year low. Traders also eyed a lackluster PMI reading out of Germany, though France's PMI impressed. Nonetheless, France's CAC 40 was leading the major European stock indexes lower at last check, down 0.7%. Meanwhile, Germany's DAX was last seen 0.4% lower, and London's FTSE 100 was off 0.2%. 

Overseas Trading September 23

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