Stocks in Europe Continue to Fluctuate, as Investors come to terms with PMI data

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Stocks in Europe continued to fluctuate as investors came to terms with the latest initial figures pertaining to the services and manufacturing activity in the eurozone. The pan-European Stoxx 600 was trading at 0.4% down with maximum sectors in the negative territory including construction, telecoms and materials.

The STOXX 600 continued to trade during the morning trading hours, after a survey revealed the business conditions and activities in the Eurozone didn’t drop to the expected level in the month of July. The PMI index for the services and manufacturing segment in the eurozone went up to 52.9 in the month of July.

The survey report for July created by Markit indicated a drop from the final data of 53.1 recorded in June. In the meantime, PMI data for the United Kingdom was also released. The Flash Services PMI dropped to hover around 47.4 from 52.3 recorded in the month of June, the lowest figure recorded since the month of March in 2009. UK’s Flash Manufacturing PMI slumped to 49.1 as opposed to 52.1 registered in the month of June.

On the other hand, sterling dropped against dollar to trade 0.8% lower at 1.3131 dollars. Meanwhile, DAX and CAC continued to fluctuate and traded lower too.

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