By Emily Horton
Europe’s benchmark index struggled to break even on Friday, held back by losses in the Italian and Spanish markets.
Shares of Deutsche Bank AG fell after the German lender reported a smaller-than-expected profit on Friday, but other European banks generally were higher.
How did markets perform?
The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -3.54% slipped 0.1% to 358.44, after surging 6.2% over January.
Germany’s DAX 30 /zigman2/quotes/210597999/delayed DX:DAX -3.86% was flat at 11,171.62 while the FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -3.18% added 0.5% to 7,000.14 and France’s CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -3.38% nudged up 0.1% to 4,998.30. But Italy’s FTSE MIB Italy index /zigman2/quotes/210598024/delayed IT:I945 -3.58% dropped 1.4% and Spain’s IBEX lost 0.8%.
The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.2272% was up slightly, fetching $1.1472 from $1.1449 late on Thursday night in New York. Meanwhile, the pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.5509% dropped to $1.3058 from $1.3111.
What drove the markets?
China’s Caixin Manufacturing PMI data suggested that manufacturing in China slowed in January, adding to investor worries that China’s sluggish economy is having a global impact. Asia, Europe and the U.S. are already struggling to adjust to changes in demand and shifting export patterns caused by China’s slowdown, The Wall Street Journal reported.
What shares were active?
Among other European banks, Danske Bank AS /zigman2/quotes/209678580/delayed DK:DANSKE -2.24% gained 3.1% and Metro Bank PLC /zigman2/quotes/206637465/delayed UK:MTRO -6.94% firmed 2.%. Banco Bilbao Vizcaya Argentaria SA /zigman2/quotes/209653399/delayed ES:BBVA -4.67% fell 0.9% even as the Spanish bank reported a net profit for its last quarter, beating expectations.