Major European Markets Close Roughly Flat

(RTTNews) - European stocks swung between between gains and losses on Thursday with investors staying a bit wary of making significant moves as they closely followed the developments on the geopolitical front.

U.S. President Joe Biden is meeting with U.S. allies to discuss additional sanctions on Russia. According to reports, Ukrainian President Volodymyr Zelenskyy joined the NATO summit via video link.

Western leaders have reportedly agreed to strengthen their forces in Eastern Europe and increase military aid to Ukraine. They have also agreed to tighten their sanctions on Russia.

Investors also digested the latest batch of economic data from the region.

The pan European Stoxx 600 drifted down 0.21%. The U.K.'s FTSE 100 edged up 0.09%, while Germany's DAX and France's CAC 40 ended lower by 0.07% and 0.39%, respectively. Switzerland's SMI advanced 0.26%.

Among other markets in Europe, Austria, Denmark, Finland, Greece, Ireland, Spain and Turkey ended with sharp to moderate losses.

Belgium and Netherlands ended modestly lower, while Czech Republic, Iceland, Poland and Portugal closed on positive note. The Russian market, where trading resumed today, ended sharply higher.

Fresnillo, up 5.7%, topped the list of gainers in the FTSE 100 index. Airtel Africa, M&G, British American Tobacco, Hikma Pharmaceuticals, Whitbread, United Utilities, BAE Systems, Royal Mail, Natwest Group, Severn Trent and HSBC Holdings gained 1.5 to 3%.

Next ended lower by more than 3%. The fashion retailer cut it profits and sales forecasts for 2022/23, citing the ongoing war in Ukraine and slowing growth.

Ferguson, Schrodders, JD Sports Fashion, Melrose Industries, IAG, Coca-Cola HBC, Glencore and Barratt Developments lost 2 to 3.4%.

In the German market, HeidelbergCement declined more than 4%. Siemens Healthineers, Henkel, Deutsche Wohnen and BASF lost 1.6 to 2.7%.

Linde rallied more than 2%. Infineon Technologies gained about 1.7% and Deutsche Telekom ended higher by 1.1%.

Daimler Truck Holding surged more than 7%. The company achieved its financial targets for 2021 despite significant supply chain headwinds.

In Paris, Veolia, Atos, Legrand and Teleperformance lost 2 to 3%. L'Oreal, Saint Gobain, BNP Paribas, Engie and Credit Agricole drifted down 1.4 to 2%.

Air Liquide and STMicroElectronics both gained more than 2%. Thales ended higher by about 1.3%, while Valeo gained nearly 1%.

Shares of Swiss specialty chemical company Clariant moved higher after the company said that it has joined the Renewable Carbon Initiative to prevent climate change.

In economic news, Eurozone private sector growth eased in March, data from S&P Global showed. The flash composite output index dropped to 54.5 in March from 55.5 in February. The score was forecast to fall deeply to 53.9.

The services Purchasing Managers' Index came in at 54.8, down from 55.5 a month ago, while the manufacturing PMI declined to a 14-month low of 57.0 from 58.2 in the previous month.

France private sector expanded at the fastest pace in eight months in March despite the manufacturing slowdown, survey data from S&P Global showed on Thursday.

The flash composite output index unexpectedly rose to an eight-month high of 56.2 in March from 55.5 in February. The score was forecast to fall to 54.3.

The services Purchasing Managers' Index climbed to 57.4 from 55.5 a month ago. The expected score was 55.0. The manufacturing PMI declined to a five-month low of 54.8 from 57.2 in February. The reading was also below the economists' forecast of 55.0.

Germany's private sector growth eased in March due to the combination of rising prices, material shortages, geopolitical uncertainty and COVID-related absences, survey data from S&P Global showed on Thursday.

The flash composite output index dropped less-than-expected to 54.6 in March from 55.6 in February. The expected score was 53.7.

The services Purchasing Managers' Index came in at 55.0, down from 55.8 in the previous month. However, the score was above the economists' forecast of 53.8. Likewise, the manufacturing PMI fell to 57.6 in March from 58.4 a month ago. The expected core was 55.8.

The UK private sector continued to expand at a robust, albeit slower, pace in March, preliminary survey data from S&P Global showed.

The S&P Global / CIPS Flash composite purchasing managers' index, which combines manufacturing and services, eased to 59.7 from 59.9 in February. Economists had forecast a score of 58.7.

The services PMI flash climbed to a nine-month high of 61.0 from 60.5, defying expectations for a drop to 58.0. Meanwhile, the manufacturing PMI flash sunk to a 13-month low of 55.5 from 58.0, which was worse than the expected score of 57.