European Markets Open Lower

‍European markets began the day in negative territory on Thursday, with stocks struggling amidst a volatile trading week. The pan-European Stoxx 600 fell by 0.65% at the opening, as nearly all sectors and regional exchanges saw declines. This dip follows a brief recovery on Wednesday, when regional stocks had risen in an attempt to rebound from the sharp losses earlier in the week.

‍UK Job Market Continues Downward Trend in Second Year

‍The UK job market remains on a downward trajectory, with permanent hiring experiencing a nearly two-year decline and wage growth slowing, adding to the bleak outlook. Mid-July 2024 survey data highlights the ongoing challenges, which are likely to play a significant role in the Bank of England’s discussions on potential interest rate cuts.

‍Siemens Earnings Surpass Expectations

‍German industrial tech leader Siemens reported stronger-than-expected quarterly operating profits on Thursday, reaffirming its positive full-year earnings outlook. The company’s industrial profit reached 3 billion euros for the quarter ending in June, marking an 11% increase compared to the same period last year. This growth was driven by robust demand in its electrification and industrial software divisions.

Sources: Yahoo Finance & Finimize