Investing.com - European stocks traded lower Friday, falling for the fifth straight session, as a report indicated lowered confidence in the U.K. and investors await a U.S. housing report.
In midsession European trade, the EURO STOXX 50 traded down 0.67%, France's CAC 40 fell 0.49%, while Germany’s DAX traded off 0.18%. Meanwhile, in the U.K. the FTSE 100 slipped 0.13%.
Leading the selling, a report from the Nationwide Building Society showed that U.K. confidence fell from 44 from 47 in January indicating Briton’s feel more pessimistic about the future.
Anticipation is running high that the U.S. new home sales report, released at 10:00 a.m. New York time, will indicate an increase to 325,000 annual rate in February. This would mark the fastest growth since December, 2010, supporting possible monetary policy change in the world’s largest economy.
On Thursday, data showed that manufacturing activity in Germany slowed to the lowest level in four months in March, while the services sector also hit a four-month low.
Sentiment also weakened after a report showed that Chinese manufacturing activity contracted for a fifth consecutive month, underlining concerns over a possible slowdown in growth in the world’s second largest economy.
The reports overshadowed data showing that U.S. jobless claims fell to the lowest level since February 2008 last week.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending March 17 fell by 5,000 to a seasonally adjusted 348,000, beating expectations for a decline of 3,000 to 350,000.
The previous week’s figure was revised up to 353,000 from 351,000.
BT, a fixed line operator, soared 6.2% after stating it will narrow its pension plan’s deficit.
Whitbread added 1.4% after being named by HSBC named company its favorite hotel stock and increased its estimate for the share price.
Randgold dropped 2.2% due to Citigroup cutting its rating to neutral from buy due to a coup in Mali where the company operates three mines.
In midsession European trade, the EURO STOXX 50 traded down 0.67%, France's CAC 40 fell 0.49%, while Germany’s DAX traded off 0.18%. Meanwhile, in the U.K. the FTSE 100 slipped 0.13%.
Leading the selling, a report from the Nationwide Building Society showed that U.K. confidence fell from 44 from 47 in January indicating Briton’s feel more pessimistic about the future.
Anticipation is running high that the U.S. new home sales report, released at 10:00 a.m. New York time, will indicate an increase to 325,000 annual rate in February. This would mark the fastest growth since December, 2010, supporting possible monetary policy change in the world’s largest economy.
On Thursday, data showed that manufacturing activity in Germany slowed to the lowest level in four months in March, while the services sector also hit a four-month low.
Sentiment also weakened after a report showed that Chinese manufacturing activity contracted for a fifth consecutive month, underlining concerns over a possible slowdown in growth in the world’s second largest economy.
The reports overshadowed data showing that U.S. jobless claims fell to the lowest level since February 2008 last week.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending March 17 fell by 5,000 to a seasonally adjusted 348,000, beating expectations for a decline of 3,000 to 350,000.
The previous week’s figure was revised up to 353,000 from 351,000.
BT, a fixed line operator, soared 6.2% after stating it will narrow its pension plan’s deficit.
Whitbread added 1.4% after being named by HSBC named company its favorite hotel stock and increased its estimate for the share price.
Randgold dropped 2.2% due to Citigroup cutting its rating to neutral from buy due to a coup in Mali where the company operates three mines.