European Equities Snap 3-Day Rally
European stocks closed lower on Friday, snapping a 3-day rally on weak data and uncertainty about whether Evergrande will pay interest on dollar-denominated bonds. Regarding spillover risks, ECB President Christine Lagarde said Europe had limited direct exposure. On the data front, Germany’s IFO business climate fell for a third month straight to 98.8 in September, below market forecasts of 98.9, amid intense supply shortages. At the same time, traders braced for a big change in Germany’s leadership as voters head to the polls this weekend to elect the nation’s new Chancellor. Domestically, the DAX went down 0.7% to 15,532 on Friday but ended the week 0.2% higher.
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