Major European indices trade on a modestly lower note.
June Manufacturing PMI readings from the region’s major economies remained in expansionary territory with most beating expectations. European Central Bank policymaker Holzmann said that he would have preferred an earlier start to the ECB’s rate hike cycle, adding that returning inflation to target will take some time. The U.K. may reduce its value added tax. Italy’s Prime Minister Draghi expressed confidence that his country’s gas stockpile will be 90% full by November.
STOXX Europe 600: -0.5% (-1.9% week-to-date)
Germany’s DAX: -0.1% (-2.6% week-to-date)
U.K.’s FTSE 100: -0.1% (-0.6% week-to-date)
France’s CAC 40: -0.1% (-2.5% week-to-date)
Italy’s FTSE MIB: -0.2% (-3.9% week-to-date)
Spain’s IBEX 35: +0.3% (-1.3% week-to-date)