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July 30, 2021, 10:11 a.m. EDT

Europe stocks slip, but set for July gain as data shows liftoff for economy

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By Barbara Kollmeyer

European stocks slipped on Friday, with losses for travel and leisure stocks, even as economic data showed the single-currency area was seeing a growth pickup.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.46% fell 0.2% to 462.96. Decliners included miners Rio Tinto /zigman2/quotes/208934945/delayed UK:RIO +0.51% /zigman2/quotes/202627887/composite RIO +0.52% , BHP Group /zigman2/quotes/208108397/composite BHP +1.41% /zigman2/quotes/203323256/delayed UK:BHP +0.65% down 1% or more each, and Dutch Prosus /zigman2/quotes/214038022/delayed NL:PRX +0.45% . which is the largest investor in Chinese tech giant Tencent  /zigman2/quotes/204605823/delayed HK:700 +0.79% .

Shares of Tencent fell 2.6% in Hong Kong, the first loss in three sessions and following a 10% rebound on Thursday. The tech company was reportedly ordered by the Chinese government on Friday to fix problems including pop-up ads and data storage. The country’s ongoing crackdown on specifically Internet and tech companies has rattled investors.

Read: SEC stops processing registrations for IPOs or other securities from Chinese companies amid Beijing crackdown: Reuters

Tencent shares have lost nearly 18% for July, its worth monthly performance since October 2018, according to FactSet research. Prosus shares have dropped 9%, the worst monthly performance for the company that went public in September 2019. Of the major regional indexes, the German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.46% declined 0.6%, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.71% was flat and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.20% declined 0.8%.

On the economic front, data revealed there region pulling out of a double-dip recession in the second quarter with better-than-expected gross domestic product of 2% over the previous quarter. Still, Germany’s economic growth fell short of expectations.

Other data showed the annual rate of inflation in July in the eurozone exceeding the 2% target set by the European Central Bank for the first time in almost three years, with consumer prices rising 2.2% annually, the fastest rate of growth since October 2018, according to preliminary Eurostast data.

Elsewhere, data showed the eurozone jobless rate fell to 7.7% in June from a revised figure of 8.0% in May.

/zigman2/quotes/210599654/delayed
XX : STOXX
471.88
+2.17 +0.46%
Volume: 0.00
Oct. 22, 2021 11:03p
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/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,672.50 p
+23.50 +0.51%
Volume: 2.36M
Oct. 22, 2021 4:35p
P/E Ratio
5.51
Dividend Yield
13.40%
Market Cap
£77.47 billion
Rev. per Employee
£732,787
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/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 65.88
+0.34 +0.52%
Volume: 3.57M
Oct. 22, 2021 4:00p
P/E Ratio
5.75
Dividend Yield
10.39%
Market Cap
$107.06 billion
Rev. per Employee
$939,693
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/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 56.72
+0.79 +1.41%
Volume: 3.45M
Oct. 22, 2021 4:00p
P/E Ratio
13.00
Dividend Yield
10.61%
Market Cap
$141.45 billion
Rev. per Employee
N/A
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/zigman2/quotes/203323256/delayed
UK : U.K.: London
1,941.00 p
+12.60 +0.65%
Volume: 3.94M
Oct. 22, 2021 4:35p
P/E Ratio
11.83
Dividend Yield
11.20%
Market Cap
£102.35 billion
Rev. per Employee
N/A
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/zigman2/quotes/214038022/delayed
NL : Netherlands: Euronext Amsterdam
78.85
+0.35 +0.45%
Volume: 2.47M
Oct. 22, 2021 5:36p
P/E Ratio
20.45
Dividend Yield
0.18%
Market Cap
€161.92 billion
Rev. per Employee
€183,400
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 509.50
+4.00 +0.79%
Volume: 12.74M
Oct. 22, 2021 4:08p
P/E Ratio
22.39
Dividend Yield
0.31%
Market Cap
$4815.19 billion
Rev. per Employee
$10.55M
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,542.98
+70.42 +0.46%
Volume: 49,948
Oct. 22, 2021 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,733.69
+47.52 +0.71%
Volume: 65,949
Oct. 22, 2021 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,204.55
+14.25 +0.20%
Volume: 464,760
Oct. 22, 2021 4:57p
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