European stock market capitalization has fallen for the eighth consecutive session due to concerns about the global economy, which were confirmed by the deterioration of purchasing managers’ indexes (PMI) in the euro area.

European stock market analysis

As it became known on Friday from preliminary data from S&P Global, the euro-area composite PMI in September fell to 48.2 points from 48.9 points in August, which generally coincided with expectations of analysts. The indicator’s value below 50 points indicates a decline in business activity.

The indicator in manufacturing fell to 48.5 from 49.6 points, and in services fell to 48.9 from 49.8 points.

Germany’s composite PMI fell to 45.9 points from 46.9 points a month earlier, while in France the indicator rose to 51.2 points from 50.4 points.

“Preliminary PMI data suggest the eurozone economy shrank 0.1 percent in the third quarter, with indicators deteriorating from July through September, and the performance of the European economy could be the worst since 2013, not counting the pandemic period,” said S&P Global Market Intelligence senior economist Chris Williamson.

Meanwhile, Britain’s consumer confidence index fell 5 points in September to minus 49 points, marking its lowest reading since 1974, according to data from GfK NOP Ltd.

The Stoxx Europe 600 composite index of the region’s biggest companies was down 0.82% to 396.48 points by 11:46 Moscow time.

The British FTSE 100 stock index was down 0.86%; the German DAX was down 0.69% and the French CAC 40 was down 0.62%. Italy’s FTSE MIB and Spain’s IBEX 35 are down about 1%.

Earlier we reported that the UK is going to conclude a long-term contract on LNG supplies from the USA.