Europe closes lower after lukewarm data

Wednesday, 05. October 2022 17:30

Major stock market indexes in Europe closed lower on Wednesday following disappointing results of the surveys on Germany and the United Kingdom's services sectors and the business activity in the Eurozone. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to cut their production of oil by two million barrels per day (bpd) starting from November in a move that United States President Joe Biden described as "unnecessary."

The DAX traded 1.22% or 154 points lower at the close as Siemens Energy AG sank by 5.62%. The FTSE 100 decreased by 0.51%, with Ocado Group PLC plunging by 10.04%. The CAC 40 dropped by 0.97% as Unibail-Rodamco-Westfield SE plummeted by 7.07%.

The euro lost 1.31% to the dollar at 5:27 pm CET to sell for $0.98561. At the same time, the pound sterling went down by 1.98% to change hands for $1.12482.

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