In Wednesday trading, European stock markets displayed a mostly positive performance. The Stoxx Europe 600 saw a marginal increase of 0.02%, while the Swiss Market Index experienced a gain of 0.29%. France’s CAC rose by 0.05%, and the FTSE in London recorded a rise of 0.17%. Conversely, Germany’s DAX faced a slight decline, dropping 0.25%. In the euro area, the seasonally adjusted unemployment rate remained at 6.4% in August, mirroring the previous month’s figure and marking a decrease from 6.6% reported a year prior.
Similarly, the EU’s unemployment rate was reported at 5.9% in August, a decline from 6.0% in July and also down from a year earlier. Turning to corporate matters, the European Commission announced on Wednesday that it has initiated a request for information under the Digital Services Act aimed at major social media platforms, including YouTube, Snapchat, and TikTok.
The Commission is particularly interested in gaining insights into the recommender systems employed by these platforms. Specifically, YouTube and Snapchat have been requested to provide detailed parameters that inform their algorithms for recommending content to users, as well as their roles in shaping issues tied to civic discourse.
TikTok has also been asked to clarify the actions it has taken to safeguard its platform from manipulation by malicious entities. In industry-specific news, Stellantis Chief Executive Carlos Tavares is scheduled to address Italy’s Commission for Productive Activities, Commerce, and Tourism on October 11, discussing the company's automotive manufacturing operations within the country.
This announcement was confirmed by a Stellantis spokesperson in an email to MT Newswires. Furthermore, Stellantis reported total sales for Q3, amounting to 305,294 vehicles, which represents a decline of 20% compared to the same quarter last year. Novo Nordisk has reportedly taken measures to mitigate potential production disruptions resulting from strikes at US ports.
As per media coverage released on Tuesday, a spokesperson for the company indicated that it plans to utilize air freight for transporting its products to and from the US. However, Novo Nordisk did not immediately provide a response to a request for comment from MT Newswires. Subsequently, shares of the Danish pharmaceutical firm fell by 1.7% in Copenhagen. Meanwhile, JD Sports Fashion witnessed a significant decline, with its shares closing 6% lower in London.
The retailer announced on Wednesday that its same-store sales growth experienced a decrease of 5.3% in the first half of the year. The company attributed its lagging sales to delays in key product lines owing to issues around the Red Sea earlier in the year, as well as the impact of an earlier Easter, which for the first time since 2018 fell outside of the camping season. In another significant development, Rio Tinto Group announced on Wednesday the completion of its acquisition of Mitsubishi's approximately 12% stake in Boyne Smelters, executed on Monday.
Financial details surrounding the acquisition have not been disclosed. Following this move, shares of the British mining company saw a closing increase of 1.5% in London..