European stock markets experienced a decline in Friday trading, with The Stoxx Europe index falling by 0.66%. Germany's DAX decreased by 0.81%, while London's FTSE lost 0.84%. In France, the CAC was down 1.17%, and the Swiss Market Index closed 1% lower, reflecting a bearish sentiment among investors.
In the euro area and the European Union, the seasonally adjusted services production saw a rise of 0.4% in August compared to July, based on initial estimates released by Eurostat, the EU's statistical office. Year over year, the increase was 2.0% for the euro area and 2.2% for the EU, indicating a slight growth in the services sector despite the prevailing stock market trends.
In the UK, the latest KPMG and REC's UK Report on Jobs survey, compiled by S&P Global, highlighted ongoing declines in permanent and temporary placements for October. The report cited it as the most significant decline since March, attributing the downturn to reports of reduced demand and hiring freezes across various sectors.
In corporate developments, shares of Vistry Group plummeted nearly 16% on the FTSE during Friday trading after the British homebuilder revised its forecast for completed houses in fiscal 2024, lowering the estimate from over 18,000 to 17,500 units. Additionally, Stellantis announced it would lay off approximately 1,100 employees at its Jeep Gladiator plant in Ohio, effective January 5, in a move aimed at enhancing efficiency and addressing high inventory levels, as reported to MT Newswires..