In the latest trading session, European stock markets displayed a mixed performance, with the Stoxx Europe 600 increasing by 0.45%. Meanwhile, Germany's DAX recorded an uptick of 0.55%, and France's CAC climbed by 0.85%. The FTSE in London experienced a minor decline of 0.02%, while the Swiss Market Index dipped by 0.13%.
The European Commission announced that the EU has voted to implement tariffs on imports of battery electric vehicles originating from China. Furthermore, the Commission emphasized that efforts would continue in collaboration with China to identify an alternative solution that aligns with World Trade Organization (WTO) standards and effectively addresses the subsidization issues identified in the Commission's investigation.
This alternative must be both monitorable and enforceable. Meanwhile, S&P Global reported that the expansion of European economic sectors increased, with 11 out of 20 sectors showing signs of growth in September, up from just eight in August. This marks the highest number of expanding sectors since May.
The HCOB Eurozone Construction PMI Total Activity Index, which assesses monthly fluctuations in industry activity, improved to 42.9 in September, an increase from 41.4 in August. However, it remains in a state of contraction for the 29th consecutive month. Tariq Kamal Chaudhry, an economist at Hamburg Commercial Bank, remarked, 'The Eurozone's construction sector shows no signs of easing.' In Italy, the Gross Domestic Product (GDP) advanced by 0.2% in the second quarter compared to the previous quarter and showed a 0.6% increase compared to the same quarter of the prior year, according to data from the Italian National Institute of Statistics.
Corporate news highlights include Shell, the British oil and gas giant, facing a lawsuit from Russia's Prosecutor General targeting several of its subsidiaries. This lawsuit, directed at eight of Shell's units, has been filed in Moscow's Arbitration Court. Shell has refrained from commenting on the matter when approached by MT Newswires.
In a separate development, Meta Platforms' Facebook has been mandated by a European court to restrict the use of user sexual orientation data for advertising purposes. Meta responded that it is currently reviewing the court's ruling. Additionally, Ryanair, the Irish airline, is under investigation by Ireland's Data Protection Commission regarding its handling of personal data during Customer Verification Processes for tickets purchased through third-party sites or online travel agents.
Ryanair confirmed that it requires customers booking through these 'unauthorized' online travel agencies to undergo a straightforward verification process—either biometric or through a digital verification form—that is fully GDPR compliant. This verification ensures necessary security declarations are made, and all safety and regulatory protocols are communicated directly to passengers, as mandated by law.
Lastly, the bank stocks saw a positive trend in Friday's trading, with NatWest and Standard Chartered rising by 3.9% and 3.8% respectively on the FTSE. Barclays and Lloyds Banking followed with increases of 3.2% and 2.4%. Deutsche Bank and Commerzbank also recorded gains of 2.7% and 1.8% in Frankfurt, while Societe Generale and BNP Paribas improved by 2.7% and 1.3% respectively in Paris..