Stocks In Europe Lower on Disappointing German PMI

On Monday stock markets in Europe were lower, as investors digested disappointing PMI data from Germany and more quarterly corporate earnings while waiting for the outcomes of central bank meetings, including the European Central Bank and the Federal Reserve.

The CAC 40 in France fell 0.3%, the FTSE 100 in the U.K. dropped 0.5% and the DAX index in Germany traded 0.3% lower.

The quarterly earnings season is now in full swing, and most attention this week will be focused on the U.S. tech sector, with Alphabet and Microsoft set to report on Tuesday.

The Dutch health technology company Philips stock dropped more than 6% after it on Monday expressed worries over China's drive to become self-sufficient in health-related technologies. It did however raise its full-year targets after reporting a better-than-expected rise in Q2 core earnings.

Europe's biggest airline by passenger numbers, Ryanair, dropped by 3.6% after it posted quarterly profit higher than pre-pandemic levels, but decreased its passenger growth forecast for this due to delivery delays by Boeing.

German sportswear giant Adidas AG stock was 1.3% higher after the Financial Times reported that it had received orders worth about $565M for the first round of online sales of its unsold stock of Yeezy shoes.