European Equity Benchmarks End Lower

The broad-based major European indices closed lower in Monday’s trading session, as mining stocks weighed down the markets. In economic news, the rate of eurozone economic growth in May continued to rise at its fastest pace in six years, according to the IHS Markit Eurozone PMI Composite Output Index.

IHS Markit said the latest expansion of output was supported by strong growth of incoming new business. Optimism about the one-year outlook for output rose to its highest level since data for the series were first collected in 2012. Strong new order inflows tested capacity, leading to rising volumes of outstanding business, which in turn led to faster job creation, with employment rising at one of the highest rates in the past decade, said IHS Markit.
In the U.K., May data highlighted a renewed slowdown in business activity growth across the U.K. service economy, reported IHS Markit. The slowdown follows a four-month peak reached in April.

By Garrett Hatch