European stock markets experienced a downturn on Monday, with The Stoxx Europe decreasing by 0.26%. The Swiss Market Index suffered a 0.59% loss, while France's CAC dropped 0.50%, and Germany's DAX was down by 0.47%. In contrast, the FTSE in London saw a slight uptick of 0.09%. The latest HCOB Eurozone Manufacturing PMI, which assesses the vitality of eurozone factories compiled by S&P Global, increased to 46.0 in October from 45.0 in September.
However, it remained below the pivotal 50.0 level that separates growth from contraction, indicating a persistent struggle within the sector. Notably, the decrease in manufacturing activity was recorded as the least severe since May. 'There is one bit of good news in these numbers: the recession in the manufacturing sector did not deepen further in October,' stated Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
The country-specific PMI readings revealed Spain leading with 54.5, followed by Ireland at 51.5, and Greece at 51.2. Conversely, France reported a PMI of 44.5, Germany at 43.0, and Austria at 42.0, signaling concerning weakness in these economies. In corporate news, Danish pharmaceutical firms Ascendis Pharma and Novo Nordisk entered into an exclusive global license agreement intended for the development and commercialization of products based on TransCon technology targeting metabolic diseases and established a product-by-product exclusive license in cardiovascular ailments.
Verona Pharma announced a Q3 loss of $0.07 per diluted share, which marked a deterioration compared to a loss of $0.02 from the previous year. Analysts surveyed by Capital IQ had anticipated a more significant loss of $0.32 per share. The revenue for the quarter ending September 30 was documented at $5.6 million, a notable increase from no revenue reported a year prior.
Additionally, Irish airline operator Ryanair disclosed a fiscal Q2 net profit of approximately 1.28 euros ($1.40) per diluted share, down slightly from about 1.32 euros the previous year. The airline indicated an expected traffic growth for fiscal 2026 to be around 210 million passengers, revised down from an earlier estimate of 215 million, attributing this to setbacks in Boeing jet deliveries..