Friday, March 29, 2024
HomemarketsEuropean stocks close lower as euro zone falls into double-dip recession; Barclays...

European stocks close lower as euro zone falls into double-dip recession; Barclays down 7%

  • The pan-European Stoxx 600 ended down more than 0.3%, with most sectors in negative territory and major bourses pointing in opposite directions.
  • The euro zone's gross domestic product fell 0.6% in the first quarter, according to preliminary data released by Europe's statistics office Eurostat on Friday morning.
  • It means that the bloc suffered a second technical recession in just over a year, although economists are hopeful of an economic recovery in the coming months.

In this article

LONDON — European stocks closed lower on Friday after data showed a contraction in euro zone economic growth in the first quarter.

The pan-European Stoxx 600 ended down more than 0.3%, with most sectors in negative territory and major bourses pointing in opposite directions. Mining stocks led the losses, down 1.8%.

The euro zone's gross domestic product fell 0.6% in the first quarter, according to preliminary data released by Europe's statistics office Eurostat on Friday morning. It means that the bloc suffered a second technical recession in just over a year, although economists are hopeful of an economic recovery in the coming months.

Shares of U.K. bank Barclays dropped to the bottom of the European benchmark, down 7% after reporting first-quarter results. Barclays posted a net profit of £1.7 billion ($2.37 billion) for the first three months of the year, above the £1.3 billion expected by analysts.

French bank BNP Paribas closed almost 1% lower despite beating forecasts in its first-quarter results. It posted a net income of 1.8 billion euros versus the 1.2 billion euros estimated by analysts.

However, AstraZeneca climbed over 4% after the British pharmaceuticals giant said its coronavirus vaccine added $275 million in sales in the first quarter.

Meanwhile, the European Commission, the executive arm of the EU, said in a statement released Friday that technology giant Apple's App Store had breached competition rules. This followed a complaint made by music streaming service Spotify in 2019 about Apple's license agreements.

Apple said the EU's case was the "opposite of fair competition."

RELATED ARTICLES
- Advertisment -

Most Popular