FTSE down 0.17%; DAX down 0.86%; CAC 40 down 1.12% (Il Sole 24 Ore Radiocor) - London, 24 Jul - European shares closed lower following losses in Asia and on Wall Street amid concerns for a global economic slowdown after flash purchasing managers' index data showed that business activity stalled in the eurozone in July.

Similarly, preliminary data from the US showed that factory activity unexpectedly slowed in the world's largest economy.

Disappointing earnings from large European banks also weighed.

Political uncertainty continued to keep sentiment in check after US president Joe Biden over the weekend dropped out of the presidential race and endorsed vice president Kamala Harris as the Democratic nominee.

The move was broadly expected after Biden's underwhelming debate performance against Donald Trump in June, and after polls recently showed the increasing likelihood of an election win by Trump in November.

Back in the region, data also showed that German consumer sentiment is set to recover significantly heading into August as households' income expectations rose their highest level in over two years as inflation slightly decreased and wage increased.

Key data from the US including GDP figures are due tomorrow, while the core personal consumption expenditures index, the Federal Reserve's favoured inflation measure, will be released on Friday. The index is seen rising 0.1% in June, pulling the annual increase down a tick to 2.5%.

The London FTSE 100 closed down 0.17% at 8,153.69 points, the Frankfurt DAX dropped 0.86% at 18,389.01 points, the Paris CAC 40 fell 1.12% at 7,513.73 points, while in Milan the FTSE MIB lost 0.48% at 34,471.65 points, and in Madrid the IBEX 35 closed 0.01% lower at 11,211.87 points.

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(RADIOCOR) 24-07-24 18:01:22 (0705) 5 NNNN