Europe midday: Eurozone PMI data drags Stoxx lower

21st Jun 2024 10:58

(Sharecast News) - European stocks extended losses in the morning on Friday as survey data showed the eurozone's nascent economic recovery unexpectedly slowed in June, weighed down by weakness in the manufacturing sector.

The Stoxx 600 index was down 0.75% in early deals at 515.02.

In economic news, British retail sales volumes rose 2.9% in May, a big gain from the 1.8% fall in April when heavy rain affected shopping footfall.

Meanwhile, public debt rose last month to its highest as a share of the economy since 1961, meaning while voters could see a change of government after the July 4 election, they will still feel the same financial pain in their hip pocket.

Public sector net debt, excluding state-controlled banks, rose to £2.742trln or 99.8% of gross domestic product last month, up from 96.1% a year earlier, the Office for National Statistics said.

Government borrowing came in at £15bn, just below economists median forecast of £15.7bn.

In equity news, Zealand Pharma roared ahead by 25% as an early-stage study showed the Danish company's weight-loss drug helped reduce weight by an average 8.6% after 16 weekly doses.

Shares in British soft drinks maker Britvic surged almost 14% as the company rejected a revised, unsolicited, possible cash offer from Carlsberg Group, saying it "significantly undervalued" the group and its prospects. Carlsberg shares were down on the news.

Reporting by Frank Prenesti for Sharecast.com