European stocks mixed; stronger-than-expected German economic growth helps

24.02.2021 - Petr Mazaylo
European stocks mixed; stronger-than-expected German economic growth helps

European stock markets were mixed on Wednesday as Germany posted stronger-than-expected economic data. Corporate earnings also weighed on markets.

Germany’s DAX was up 0.4%, while France’s CAC 40 dropped 0.1% and the U.K.’s FTSE index lost 0.7%.

Germany posted stronger-than-expected economic output in the fourth quarter of 2020 as it grew 0.3%. It was bigger than the previous estimate of 0.1% growth, thanks to upbeat export activities and massive construction activity.  Germany’s 2020 GDP figure was also reset to -4.9% from -5.0%.

Also helping the bullish rally in the European stock markets was France’s improved manufacturing sentiment in February, its third monthly increase, though falling shorter than expected.

On the corporate side, Lloyds stock improved 1.3%, following its freshly set goals of expanding its insurance and wealth business and further cut costs.

On the losing end, AstraZeneca closed Wednesday trading with a 1.4% decline and Puma stock dropped 3.2%.

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