European markets close lower, US remains flat

French CAC 40 performers worst by plummeting 63 points

Ovunc Kutlu   | 24.09.2021
European markets close lower, US remains flat


European stock exchanges closed lower on Friday as risks surrounding Chinese real estate developer Evergrande continue, while the US indices remained flat after a weak opening.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was up 4.21 points, or 0.9%, to close at 463.29. The index gained 0.31% this week.

London's FTSE 100 lost 26 points, or 0.38%, to 7,051, while Germany's DAX 30 index fell 112, or 0.72%, to 15,531. They were up 1.26% and 0.26%, respectively, for the week.

The French CAC 40 was the worst performer of the day by plummeting 63, or 0.95%, to 6,638. It posted a weekly increase of 1.03%.

Italy's FTSE MIB dove 112, or 0.43%, to 25,968 points, and Spain's IBEX declined 3.8 points, or 0.04%, to 8,873. This week, they rose 1% and 1.28%, respectively.

China's second-largest property developer Evergrande has missed the deadline of an $83.5 million interest payment that was due Thursday, and it has not made an announcement about it yet.

Risks surrounding the issue have stalled US stock exchanges that had a rally on Thursday when all three indices gained more than 1% each.
The previous day's rally came amid the Federal Reserve on Wednesday delayed tapering -- the process of cutting back its $120 billion worth of monthly bond purchases.

US exchanges flat

Despite a lower opening on Friday, major indices in the US were flat at 1.05 p.m. EDT (1705GMT).

The Dow Jones was down just 1 point to 34,763, while the S&P 500 was up 2 points to 4,451.

The Nasdaq, on the other hand, fell 21 points, or 0.14%, to 15,030.

The VIX volatility index dove 4.7% to 17.75 and the dollar index was down 0.17% to 93.30.

The yield on 10-year US Treasury notes increased 3% to 1.453%,

Precious metals were mixed with gold rising 0.5% to $1,751 per ounce, but silver decreasing 0.4% to $22.41.

Oil prices were up with Brent crude trading at $78.19 per barrel for a 1.2% increase. US benchmark West Texas Intermediate was at $74.15 -- a 1.1% gain.

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