European stock markets fell back on Friday after downbeat manufacturing data fro...
- European stock markets fell back on Friday after downbeat manufacturing data from Germany reignited fears of a recession in the region’s biggest economy, erasing early gains on relief at the extension of Britain’s Brexit deadline.
The flash PMI survey of purchasing managers showed German manufacturing contracted further in March, registering its lowest reading since June 2013 and compounding fears that unresolved trade disputes are exacerbating a slowdown. “With numerous headwinds facing the manufacturing sector in Germany – including a slowdown in the automotive sector, Brexit, U.S.-China trade and a global economic slowdown – there’s little to be optimistic about,” said Craig Erlam, senior market analyst at Oanda in London.
Shares in Deutsche Bank, up earlier this week on the prospect of a merger with Commerzbank, initially rose more than 2 percent after disclosures showed its board members received their first bonuses in four years.
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