European markets close lower except for Spain

By Ovunc Kutlu

ANKARA (AA) - European stock markets closed lower on Friday except for Spain, while US indices turned higher with the Dow Jones soaring despite a mixed opening to the fourth quarter.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was down 1.91 point, or 0.42%, to close at 452.90. The index lost 2.2% this week.

London's FTSE 100 fell 59 points, or 0.84%, to 7,027, while Germany's DAX 30 index was off 104, or 0.68%, to 15,156. They were down 0.34% and 2.4%, respectively, for the week.

The French CAC 40 slightly decreased by 2 points, or 0.04%, to 6,517, posting a weekly decline of 1.8%. Italy's FTSE MIB dove 68, or 0.27%, to 25,615 points, as it fell more than 1.3% this week.

Spain's IBEX 35 was the only gainer of the day by rising 3 points, or 0.04%, to 8,799. This week, it fell 0.8%.

Daily losses in the indices came amid euro area inflation in September climbed to a 13-year high with 3.4%, according to a flash estimate released earlier by Eurostat, the statistical office of the EU.

Eurozone Purchasing Managers’ Index (PMI) for the manufacturing sector in September also registered the largest drop since April 2020, according to London-based global data company IHS Markit.

- US turns positive

Despite kicking off the first trading day of the fourth quarter on a mixed note, major indices in the US climbed to positive territory.

The Dow Jones soared 270 points, or 0.8%, to 34,113 at 12.25 p.m. in New York, while the S&P 500 was up 22 points, or 0.5%, to 4,328.

The Nasdaq showed a slight increase of 4 points, or 0.03%, to 14,453.

Shares of US pharmaceutical firm Merck jumped almost 10% after the company said its oral antiviral treatment drug Molnupiravir reduced the risk of hospitalization or death by around 50% in COVID-19 patients, according to its Phase 3 trials.

The VIX volatility index plummeted 6% to 21.76, and the dollar index fell 0.2% to 94.02.

The yield on 10-year US Treasury notes lost 2.8% to 1.484%.

Precious metals have continued their increase with gold adding 0.2% to $1,759 per ounce and silver rising 1.8% to $22.57 an ounce.

Oil prices were up, approaching three-year highs once again with a 0.6% gain. Brent crude was trading at $78.81 per barrel while the US benchmark West Texas Intermediate was at $75.47.