Data sparks European shares recovery

European shares recovered from early losses after better-than-expected confidence data offset concerns about China’s slowdown. The Stoxx 600 fell 0.2 per cent at the close of trading, paring a decline of as much as 0.7 per cent after a report showed economic confidence in the euro area matched its highest level in more than four years. The data come as the European Central Bank prepares to make a decision on whether to increase stimulus.

In Ireland the Iseq Overall Index finished 0.2 per cent lower at 6,798.58.

DUBLIN

The shortened trading day in the US due to the Thanksgiving holiday resulted in a quiet day on the Iseq, traders said.

Permanent TSB was a main mover, closing up 2.3 per cent at €4.45 but Bank of Ireland, the other bank listed on the main market, closed down 1.4 per cent at 35.5 cent.

Hibernia Reit got a bounce, finishing up 1.5 per cent cent at €1.40 while Hostelworld finished 2 per cent ahead at €3.06.

LONDON

British shares retreated as miners pushed the blue-chip FTSE 100 index into negative territory following weak Chinese industrial data which reignited concerns over China‘s economic slowdown. Chinese industrial profits fell 4.6 percent in October, declining for the fifth month in a row, while leading Chinese shares ended the session over 5 percent lower, also hit by a new regulatory crackdown.

The FTSE 350 mining index was the main sectoral decliner, falling 3.7 per cent with Rio Tinto, BHP Billiton, Antofagasta and Glencore all down between 3 percent and 4 percent.

Miner Anglo American hit a record low and finished 8.2 per cent weaker after saying that it would close its Drayton coal mine in Australia after a state panel recommended that the government should block an expansion of the mine.

EUROPE

A gauge of miners slumped the most of the 19 industry groups on the Stoxx 600 as commodity prices slid.

Anglo American tumbled 8.2 percent to a record low, Rio Tinto Group slid 3.2 percent and BHP Billiton Ltd. lost 3.1 percent.

The Stoxx 600 posted a weekly advance of 0.5 percent, with the number of shares changing hands today about a third lower than the 30-day average.

Among shares moving on corporate news, Altice NV added 3.7 per cent after buying the rights to broadcast English Premier League soccer in France and Monaco. Banca Monte dei Paschi di Siena rose 1.9 percent after the ECB set new minimum capital ratios below the Italian lender's current level.

Evonik Industries retreated 3.3 percent after a report that rival Sumitomo Chemical Co plans to double its methionine capacity. The animal-feed ingredient is the German company's primary earnings driver.

NEW YORK

US stock indexes ended little changed in light trading on Friday, with consumer stocks falling as investors fretted over early reports on the US holiday shopping season and Disney’s subscriber losses weighed on the market.

US stock markets closed early following the Thanksgiving holiday on Thursday. Trading volume was modest, with 2.79 billion shares changing hands on US exchanges, compared with the 7 billion average for the previous seven sessions.

The Dow Jones industrial average fell 14.9 points, or 0.08 per cent, to 17,798.49, the S&P 500 gained 1.24 points, or 0.06 percent, to 2,090.11 and the Nasdaq Composite added 11.38 points, or 0.22 per cent, to 5,127.53.

Media and retailer stocks led the consumer discretionary sector’s 0.4 percent decline. Crowds were thin at US stores and shopping malls in the early hours of Black Friday and on Thanksgiving evening as shoppers responded to early holiday discounts with caution and as bad weather hurt the turnout.

The top retail percentage decliner was Urban Outfitters with a 2.7 per cent drop, followed by a 2.5 per cent drop for Gap.