European Shares Fluctuate After PMI Reports

(RTTNews) - European stocks swung between gains and losses on Friday, as hopes for BOJ and ECB stimulus faded and a closely-watched survey of business managers showed U.K. private sector activity contracted at the steepest pace since early 2009 in July in the wake of the Brexit vote.

The Markit flash composite output index fell to an 87-month low of 47.7 from 52.4 in June. The expected level was 48.8. The corresponding composite index for the euro zone business activity hit an 18-month low in July, but the decline was less than expected.

The French private sector stagnated in July as the growth in services was offset by a contraction in manufacturing. However, German private sector expanded at the fastest pace in seven months.

Amid a lack of fresh catalysts, investors are watching the Group of 20 finance officials meeting in China this weekend and next week's Fed and BOJ meetings for further direction.

The pan-European Stoxx Europe 600 index was down 0.2 percent in midday trading after closing marginally lower in the previous session. The German DAX was marginally lower, while France's CAC 40 index was up 0.1 percent and the U.K.'s FTSE 100 was gaining 0.4 percent.

Swedish construction company Skanska dropped over 4 percent after its second-quarter earnings missed analysts' expectations.

Vodafone shares soared 5 percent in London. The mobile operator confirmed its full-year outlook after reporting a better-than-expected 2.2 percent rise in first-quarter organic service revenue.

Building materials group CRH rallied 4 percent after raising its first-half earnings guidance.

Mining stocks such as BHP Billiton and Rio Tinto fell around half a percent each as copper prices eased.

Shares of Nicox slumped 12 percent in Paris after the ophthalmic company announced that its partner Bausch + Lomb had received a Complete Response Letter from the U.S. Food and Drug Administration, concerning latanoprostene bunod.