European Markets React to Economic Reports

On Friday, major European stock indexes closed mixed as investors digested recent economic reports from the United Kingdom and the Eurozone. The UK's gross domestic product shrank by 0.1% in October, while industrial output decreased by 0.6% during the same period. The country's foreign trade deficit narrowed to £10.1 billion in October.

Meanwhile, the Eurozone's industrial production remained unchanged in October. Adding to the economic concerns, the Deutsche Bundesbank projected a 0.2% contraction in the German economy for 2024.

Market performance varied, with the DAX and Euro Stoxx 50 closing flat. The FTSE 100 dropped by 0.15%, partly due to a 3.03% decline in Endeavour Mining plc. Similarly, the CAC 40 fell by 0.15%, influenced by a 2.51% decrease in ArcelorMittal SA.

In currency trading, the euro strengthened by 0.26% against the dollar, reaching $1.04949 at 5:30 pm CET. Conversely, the pound sterling weakened by 0.35% against the greenback, trading at $1.26251.