European markets showed a mixed performance on Friday as investors reacted to the latest U.K. gross domestic product (GDP) figures and anticipated fiscal stimulus announcements from China. The pan-European Stoxx 600 remained largely unchanged by mid-morning, with sectors and major bourses moving in different directions.
Mining stocks were among the top performers, posting a gain of 0.2%, while the auto sector fell by 0.7%. The U.K. economy, after stagnating in July and June, grew by 0.2% in August, in line with economists’ expectations, as reported by official data.
Meanwhile, the FTSE 100 index of the UK saw a slight decline, trading down 0.1% at 8,229.6. Germany’s DAX index was up 0.09%, while France’s CAC 40 index posted a similar rise of 0.09%. Italy’s FTSE MIB slipped 0.16%, and Spain’s IBEX 35 edged up 0.03%.
In Asia, China stocks led declines in the region. The CSI 300 blue chip index dropped by 3.4% as investors became cautious ahead of the country’s anticipated fiscal stimulus package. Hong Kong markets were closed for a public holiday, and investors are now awaiting a major news conference from China’s Ministry of Finance on Saturday. There are expectations of bold measures to address the slowing Chinese economy.
In corporate news, shares of Sainsbury’s fell by more than 4% on Friday morning, making it one of the largest decliners in the Stoxx 600. The British grocery chain’s stock took a hit following reports that the Qatar Investment Authority, its largest shareholder, sold £306 million ($400 million) worth of shares.
