Markets Right Now: European markets start week on flat note

AP News
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Posted: May 23, 2016 5:38 AM
Markets Right Now: European markets start week on flat note

LONDON (AP) — The Latest on developments in global financial markets (all times local):

10:30 a.m.

European stock markets are largely trading in narrow ranges as further evidence emerged of an economic slowdown across the 19-country eurozone.

Financial information company Markit said Monday that its initial reading of the composite purchasing managers' index — a broad gauge of business activity across the services and manufacturing sectors — fell to a 16-month low of 52.9 points in May from April's 53.0. Anything above 50 indicates expansion.

Stephen Brown, European economist at Capital Economics, says the small monthly fall adds to the evidence that second-quarter growth is "unlikely to repeat" the first-quarter's strong 0.5 percent gain.

That kept a lid on Europe's main markets, with Germany's DAX up 0.4 percent at 9,959 while France's CAC-40 fell 0.1 percent to 4,350. Britain's FTSE 100 index was flat at 6,156.