European markets opened lower Friday as investors reacted to disappointing data prints from two of the region’s largest economies.
The pan-European Stoxx 600 was down 0.18% after the opening bell, following unexpected contractions in both U.K. GDP and key export data from Germany.
The U.K. economy contracted by an estimated 0.1% on a monthly basis, the ONS said Friday, with officials attributing the downturn to a decline in production output. Economists polled by news agency Reuters had projected a 0.1% rise in GDP in October.
On Thursday, the European Central Bank lowered its key interest rate by 25 basis points, marking its fourth and final rate cut of the year. Policymakers also signalled the possibility of more reductions in 2025.
The Swiss National Bank also cut rates on Thursday by a larger than anticipated 50 basis points, while Denmark’s central bank announced a 25 basis point reduction.
Central bank watchers are now turning their attention to next week and rate decisions from the U.S. Federal Reserve and the Bank of England.
Asia-Pacific markets mostly fell overnight, led by losses in China after Beijing affirmed its recent policy shifts and stressed plans to boost growth after a high-profile meeting Thursday.
U.S. futures lost steam following a losing session on Wall Street.
European markets edge lower.
European stocks opened lower on Friday, on the back of disappointing data prints from the U.K. and Germany.
The pan-European Stoxx 600 was down 0.18% by 8:10 a.m. London time, with healthcare and mining stocks among those firmly in negative territory.
Investors were reacting to unexpected contractions in both the U.K.’s October GDP print and key export data from Germany.
London’s FTSE 100 index rose 0.1% shortly after the opening bell and Germany’s DAX also edged slightly higher.
Sterling was lower against the dollar, while the euro was little changed against the greenback.
