European stocks close mixed as euro area enters into recession

Euro area economy contracted 0.1% in 1st quarter of 2023

By Ovunc Kutlu

ISTANBUL (AA) - European stock exchanges closed mixed on Wednesday, as euro area entered into a recession.

The gross domestic product (GDP), seasonally adjusted, decreased by 0.1% in the euro area during the first quarter of 2023, Eurostat, the statistical office of the EU, announced earlier.

Eurostat said GDP had decreased by 0.1% in the euro area and by 0.2% in the EU in the fourth quarter of 2022.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was down 0.1 point, or 0.02%, to finish the day flat at 460.70.

The UK’s FTSE 100 decreased 24 points, or 0.32%, to end the session at 7,599.

Spain’s IBEX 35, meanwhile, fell 21 points, or 0.23%, to close at 9,338.

Germany’s DAX 30, on the other hand, rose 29 points, or 0.18%, to 15,989, while France’s CAC 40 added 19 points, or 0.27%, to 7,222.

Italy’s FTSE MIB was the best performer of the day, increasing 219 points, or 0.81%, to 27,275 at the final bell.

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