By Carla Mozee, MarketWatch Technip pursuing takeover deal of
CGG
LONDON (MarketWatch) -- European stocks fell Thursday, pushed
lower following a fresh round of downbeat economic data for the
struggling region.
The flash eurozone PMI composite output index -- which tracks
surveys from both the manufacturing and services sectors -- for
November came in at 51.4, the lowest level in 16 months, according
to data compiled by Markit and released on Thursday.
That level was a pullback from 52.1 in October. A reading above
50 indicates expansion from the previous month, and a reading below
50 indicates contraction.
The PMI result indicates the eurozone's gross domestic product
likely rose by 0.1% to 0.2% in the fourth quarter, said Chris
Williamson, chief economist at Markit, said in statement. New
orders fell marginally, in their first decline since July 2013,
which suggests they will slow further in December.
Policy makers at the European Central Bank "will no doubt be
disappointed that recent announcements and stimulus measures are
showing no signs of reviving growth," said Williamson. "The
deteriorating trend in the surveys will add to pressure for the ECB
to do more to boost the economy without waiting to gauge the
effectiveness of previously announced initiatives."
From Germany, the flash manufacturing PMI in November hit a
two-month low at 50.0, while France's manufacturing PMI hit a
three-month low at 47.6. Both sets of data, released Thursday,
missed expectations.
Markets: The Stoxx Europe 600 fell 0.5% to 337.49, with losses
picking up pace after the Markit reports. The euro (EURUSD) also
dropped against the U.S. dollar, buying $1.2513, compared with
$1.2543 late Wednesday.
Earlier Thursday, HSBC's closely watched report on Chinese
manufacturing activity showed slowing in November, adding to
worries about growth for a key buyer of metals. European mining
stocks dropped, with Rio Tinto PLC (RIO) losing 2.2%, BHP Billiton
PLC (BHP) giving up 2.3% and Anglo American PLC falling 2.4%.
Elsewhere in the market, shares of Technip SA stumbled 5.5%,
trading near the bottom of the Stoxx 600, after the French
oil-services company made a preliminary cash takeover offer of
EUR1.46 billion ($1.83 billion) for CGG
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This event is free, but RSVPs are required. It will be held
Wednesday evening, Dec. 3, in London. For more information or to
RSVP, send an email to marketwatchevent@wsj.com.
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