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European Stocks Close On Mixed Note After Choppy Ride

European stocks closed on a mixed note on Tuesday with investors staying largely cautious, assessing the outlook for economic and earnings growth.

The pan European Stoxx 600 ended down 0.24%. The U.K.'s FTSE 100 drifted down 0.35% and Germany's DAX edged down 0.07%, while France's CAC 40 climbed 0.26%. Switzerland's SMI ended flat.

Among other markets in Europe, Austria, Czech Republic, Iceland, Ireland and Spain closed higher.

Belgium, Denmark, Finland, Greece, Netherlands, Norway, Poland, Portugal, Russia, Sweden and Turkiye ended weak.

The eurozone economy expanded in January for the first time in seven months, the results of a purchasing managers survey showed today, helping ease fears of an impending recession.

The S&P Global Flash Eurozone PMI Composite Output Index, which gauges activity in the manufacturing and services sectors, increased to 50.2 from 49.3 in December, the highest level since June.

Separate data showed U.K. budget deficit widened to the highest December level on record largely due to a sharp growth in spending on energy support schemes and huge interest payments driven by high inflation.

Public sector borrowing increased by GBP 16.7 billion from the last year to GBP 27.4 billion in December, according to data published by the Office for National Statistics.

In the UK market, Rolls-Royce Holdings, Scottish Mortgage, IAG, Entain, WPP, Taylor Wimpey and Flutter Entertainment gained 2 to 3%.

Astrazeneca drifted down nearly 3%. Tesco, Glencore, Associated British Foods, GSK, Reckitt Benckiser and BP lost 1.1 to 2.5%.

In Paris, Publicis Groupe gained about 3% after announcing the appointment of Demet Ikiler as its chief operating officer for EMEA.

Engie ended 2.8% up, while Veolia, Societe Generale, Vinci, WorldLine, Airbus Group, Thales, Bouygues, BNP Paribas and Credit Agricole ended higher by 1 to 2%.

Essilor ended nearly 2% down. L'Oreal, TotalEnergies, Carrefour, Pernod Ricard and Sanofi lost 0.6 to 1%.

In the German market, Daimler gained about 2.6%. Munich RE, Hannover Rueck, E.ON, RWE and Covestro climbed 1 to 2%.

Sartorius ended more than 4% down, and Zalando dropped 2.2%, while Merck, Fresenius Medical Care, Fresenius, Porsche, Volkswagen, Henkel and Siemens Energy lost 1 to 2%.

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