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1/22, 5:30 PM (Source: TeleTrader)
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Europe closes lower on weak economic data

Shares on major European stock markets ended the session on Friday with losses following a weak reading for business activity in the euro area released earlier in the day.

According to Markit’s flash composite PMI, business activity fell to a two-month low in January. Meanwhile, coronavirus-related developments remained in focus as a number of European countries continued to combat the pandemic with lockdowns. Traders also monitored progress in vaccine production and distribution across the continent.

The DAX closed 0.24% in the red with Deutsche Bank leading the losses as the lender dropped over 2%. The CAC 40 fell 0.56% as banking stocks also led the declines. The FTSE 100 lost 0.30% at the end of trading in London; International Consolidated Airlines Group sank 3.26%. The euro was up 0.10% against the dollar at 5:50 pm CET, buying 21805. At the same time, the pound was down 0.41% compared to the US currency to go for 1.36815.

Breaking the News / JC