We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Europe close: Stocks end slightly mixed

Wed 28 February 2024 15:47 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

Market latest

FTSE 100 | FTSE 250 | Paris CAC 40 | Dow Jones | NASDAQ

7995.58 | Positive 71.78 (0.91%)
Graph

Prices delayed by at least 15 minutes

(Sharecast News) - European stocks ended Wednesday's session in mixed fashion as investors stayed cautious ahead of a US inflation reading on Thursday, while shares in French call centre operator Teleperformance and UK wealth manager St James's Place both tanked.

The pan-regional Stoxx 600 index was down 0.35% at 494.59, while the region's other main indices were modestly mixed alongside.

Investors were also eyeing news from China as real estate developer Country Garden faced a liquidation petition from creditor, Ever Credit Limited.

"The development threatens to reignite concerns about the fragility of the sector and cast doubt on efforts made by authorities to shore it up and stop contagion," said Hargreaves Lansdown analyst Susannah Streeter.

"It's clear there is no easy exit from the debt quagmire these companies are mired in, and it indicates that restoring confidence to the sector is going to be a drawn-out process. The longer it goes on, and property values stay depressed, it is also likely to affect consumer wealth perceptions and continue to act as a drag on the wider Chinese economy."

"Iron ore prices, which had been resilient are coming under pressure, sinking to four-month lows, amid fresh deterioration in the prospects for the property sector and concerns that indebted local governments in China may scale back infrastructure spending.

In economic news, confidence in the eurozone worsened unexpectedly this month, highlighting the single-currency bloc's struggle to emerge from the impact of the Covid pandemic and war in Ukraine, according to a survey of consumers and managers published on Wednesday.

In equity news, Teleperformance slumped by 14% to a record low on concerns artificial intelligence (AI) will disrupt the French call centre firm's business.

St James's Place shares fall 19% after the UK's biggest wealth manager took a £426m provision for client refunds.

Worldline shares were down 10% as it warned of slower growth this year after posting a loss for 2023 and took a €1.15bn impairment in its merchant services division.

Shares in Vodafone drifted lower as the telecoms giant confirmed advanced talks with Swisscom over the sale of its Italian business for €8bn in cash.

Denmark's Sydbank surged 10% after the bank posted record annual profits.

UK housebuilder Taylor Wimpey was lower by 5% as it planned to build fewer homes this year and revealed a slump in profits.

    Daily market update emails

    • FTSE 100 riser and faller updates
    • Breaking market news, plus the latest share research, tips and broker comments

    Register now for free market updates

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.