In the latest trading session, European stock markets experienced a notable downturn, as evidenced by The Stoxx Europe 600 which fell by 1.1%. Major indices reflected this trend: Germany's DAX saw a decline of 1.53%, while the FTSE 100 in London fell 0.78%. The French CAC 40 and the Swiss Market Index were not spared, dropping 0.69% and 0.61%, respectively. Focusing on Germany's economic situation, recent preliminary data from the Federal Statistical Office reveals a 2.5% decrease in exports for January when compared to December, after adjusting for seasonal and calendar fluctuations.
However, imports experienced a contrasting growth of 1.2% in the same period. Year-over-year comparisons show that exports decreased marginally by 0.1%, whereas imports saw a substantial increase of 8.7%. Additionally, the Federal Statistical Office highlighted a 2.0% rise in price-adjusted production within the manufacturing sector from December, although there was a year-over-year decline of 1.6% in production. In Switzerland, the State Secretariat for Economic Affairs reported that the Consumer Climate Index, an important gauge of consumer confidence regarding economic activity, stood at -34 for February.
This figure reflects an improvement of nine points compared to the previous year. Sub-indices tracking the past financial situation, future financial outlook, and readiness to make significant purchases showed positive development over the year. On the corporate front, UBS Group's UBS Europe unit, previously known as UBS France, faced legal consequences after being convicted by a French court for allegedly harassing two whistleblowers who revealed actions aiding tax evasion.
In a statement to Bloomberg, UBS described the conviction as "unjust" and indicated plans to thoroughly analyze the decision and determine subsequent actions. The firm has yet to respond directly to inquiries from MT Newswires. Moving on to the pharmaceutical sector, Danish company Novo Nordisk announced positive results from its phase 3 trial evaluating CagriSema, a fixed-dose combination of cagrilintide 2.4 mg and semaglutide 2.4 mg.
This trial successfully met its primary endpoint by showcasing significant weight loss in a study group of 1,206 adults suffering from overweight or obesity alongside type 2 diabetes. In the steel industry, French multinational ArcelorMittal announced plans to temporarily shut down one of the blast furnaces at its Dunkirk steel mill as part of a larger maintenance strategy.
This shutdown will involve repairs to the plant located in Fos-sur-Mer and is set to last approximately 90 days, specifically targeting Blast Furnace No. 4, as confirmed by the company to MT Newswires..