In Wednesday trading, European stock markets closed mostly lower, with The Stoxx Europe 600 down by 0.12%. France's CAC fell by 0.5%, the FTSE in London saw a decline of 0.17%, and Germany's DAX dropped by 0.39%. Meanwhile, the Swiss Market Index posted a gain of 0.83%.\n\nLooking ahead, Spain is expected to lead GDP growth rates among Euro area countries, with projections of 2.8% for 2024 and 2.2% for 2025 as reported by the Organization for Economic Co-operation and Development (OECD) in their interim 2024 economic outlook.
France and the UK are predicted to follow, each expecting GDP growth of 1.1% and 1.2% for 2024 and 2025 respectively. In comparison, the OECD anticipates Euro Area GDP growth of just 0.7% in 2024 and 1.3% in 2025.\n\nIn the realm of consumer sentiment, French households' views regarding their financial situation have improved.
The synthetic index provided by the Institute of Statistics and Economic Studies (INSEE) indicated a rise from 93 in August to 95 in September. Additionally, there has been a slight uptick in the proportion of households that feel it is a favorable time for major purchases.\n\nOn the economic front in Germany, the Federal Statistical Office reported a notable decrease in price-adjusted incoming orders within the construction industry, which fell by 5.9% in July compared to June.
Specifically, incoming orders for building construction plummeted by 12.2%.\n\nCorporate news has also been significant, with Meta Platforms reportedly deciding not to join a European Union pact that governs the development and implementation of AI just yet, although there is potential for future participation as per a company spokesperson's comments shared by multiple media outlets.
This pact aims to ensure tech companies comply with AI restrictions ahead of full enforcement of EU laws regarding AI.\n\nIn another corporate development, the US Department of Justice is investigating German software firm SAP along with software reseller Carahsoft Technology. The probe centers on alleged collusion to inflate prices on government contracts, particularly concerning the US military over the past decade, according to Bloomberg's reporting based on federal court records from Baltimore.\n\nIn automotive news, European manufacturer Stellantis is recalling approximately 15,835 Fiat 124 Spider vehicles due to a software malfunction that could lead to the front airbags deploying with excessive force during accidents.
This recall affects specific Fiat 124 Spider models produced between 2017 and 2020; following this announcement, Stellantis' shares fell by 1.6% in Paris.\n\nFurthermore, shares of online sports betting company Flutter Entertainment experienced a boost, closing 6.9% higher in London after revealing plans for a significant $5 billion share buyback program.
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