Market Updates
European Markets Close Down, Euro Zone Output Rises, UK GDP Shrank
Bridgette Randall
12 Oct, 2022
Frankfurt
European markets traded lower as investors reacted to mixed economic data in the region and corporate news.
Industrial output across the euro zone increased 1.5% in August from July, Eurostat reported Wednesday.
Output of factories, mines and utilities jumped 2.5% from a year ago.
A separate report showed the UK's GDP unexpectedly declined in August on weak services and industrial output.
GDP shrank 0.3% in August on a monthly basis after rising revised 0.1% in July. On a yearly basis, GDP growth slowed to 2.0% after a revised 3.5% increase in July, the Office for National Statistics reported Wednesday.
The DAX index fell 0.4% to 12,172.26, the CAC-40 index dropped 0.3% to 5,818.47 and the FTSE 100 index fell 0.9% to 6,826.15.
The euro declined to 97.07 U.S. cents and the British pound edged down to $1.109.
The Swiss franc traded down to 99.71 U.S. cents.
Koninklijke Philips NV dropped 12.3% to
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