European Stocks Close Lower Again Amid Growth Concerns

BRUSSELS/FRANKFURT/PARIS, Sept 6 (Bernama-dpa-AFX)  -- European stocks ended Thursday on a lower note as concerns about economic growth persisted following weaker-than-expected US private sector employment data for August, reported dpa-AFX news.

Investors also digested a slew of regional economic data.

The pan European Stoxx 600 ended down 0.54 per cent. The UK's FTSE 100 closed lower by 0.34 per cent, France's CAC 40 settled lower by 0.92 per cent and Germany's DAX edged down 0.08 per cent, while Switzerland's SMI finished 1.19 per cent down.

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Among other markets in Europe, Denmark, Finland, Netherlands, Norway, Poland, Sweden and Turkiye closed lower.

Austria, Belgium, Greece, Iceland, Russia and Spain ended higher, while Portugal closed flat.

On the economic front, Eurozone retail sales grew only marginally in July, rising 0.1 per cent in the month, reversing a 0.4 per cent fall in June, data published by Eurostat showed. The decline reflects a 1% drop in automotive fuel sales. Food, drinks and tobacco sales rebounded 0.4 per cent.

Germany's factory orders grew unexpectedly in July, advancing by 2.9 per cent on a monthly basis, following June's revised 4.6 per cent expansion, official data from Destatis revealed. Orders were forecast to fall 1.6 per cent.

Germany's construction sector contracted further in August due to the steep drop in housing and commercial projects, survey results from S&P Global showed on Thursday.

The construction Purchasing Managers' Index posted 38.9 in August, down from July's 11-month high of 40.0. This was the lowest score since May.

The UK construction sector posted another strong growth in August as lower borrowing costs and gradual improvement in market conditions boosted residential work, survey results from S&P Global showed. The construction Purchasing Managers' Index fell to 53.6 in August from July's 26-month high of 55.3. The reading was expected to drop moderately to 54.6.

New car registrations in the UK dropped by 1.3 per cent annually to reach 84,575 units in August, compared to 85,657 units a year ago. August is traditionally one of the quietest months of the year for new car sales, with many buyers preferring to wait until September's new number plate, the SMMT said.

Switzerland's unemployment rate increased slightly in August after remaining stable in the previous three months. The unadjusted unemployment rate came in at 2.4 per cent in August, up from 2.3 per cent in July.

In US economic news, payroll processor ADP released a report showing private sector employment in the US increased by much less than expected in August.

ADP said private sector employment rose by 99,000 jobs in August after climbing by a downwardly revised 111,000 jobs in July.

Economists had expected private sector employment to jump by 145,000 jobs compared to the addition of 122,000 jobs originally reported for the previous month.

--BERNAMA-dpa-AFX