European shares slip after strong week By Reuters

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<span>© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 24, 2023. REUTERS/Staff</span><br />
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<p>By Ankika Biswas and Bansari Mayur Kamdar</p>
<p>(Reuters) -European shares eased on Monday after the benchmark index posted its biggest weekly jump since March, with the real estate sector losing steam, while Ryanair jumped following a forecast for record annual profit.</p>
<p>The pan-European index closed 0.2% lower after jumping more than 3% last week, as investors cheered a string of robust earnings and signs of an end to monetary policy tightening by major central banks.</p>
<p>Fresh data showed the downturn in euro zone business activity accelerated last month, suggesting there is a growing chance of a recession in the 20-country currency union.</p>
<p>The euro zone producer prices and retail sales data for September, due throughout the week, will also be scrutinized against the backdrop of waning price pressures.</p>
<p>&#8220;While the markets were revising their estimates for when U.S. rates might start to get cut, economic data in the UK and Europe pointed to an even deeper economic malaise,&#8221; said Michael Hewson, chief market analyst at CMC Markets (LON:).</p>
<p>Real estate stocks lost 2.9%, after emerging as the top sector performer last week.</p>
<p>Meanwhile, Ryanair climbed 5.3% after Europe&#8217;s largest airline by passenger numbers forecast a record annual profit and promised a regular dividend payment, lifting the travel and leisure sector index up 0.6%.</p>
<p><span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Telecom Italia </span></span> (BIT:) (TIM) fell 3.4%, after jumping as much as 5.4%, as the phone company&#8217;s board approved the sale of its fixed-line network to U.S. private equity firm KKR, sparking dissent from its leading shareholder Vivendi (OTC:).</p>
<p>Melrose Industries rose 3.5% after the British aerospace supplier said its unit GKN (LON:) Aerospace Engines signed an agreement with GE Aerospace, expanding a long-term partnership.</p>
<p>Evotec shed 6.3% after RBC downgraded the German biotech firm&#8217;s stock to &#8220;sector perform&#8221; from &#8220;outperform&#8221;.</p>
<p>PostNL lost 12.6% after the Dutch postal company posted third-quarter results below expectations.</p>
<p>Call-centre operator Teleperformance trimmed its full-year revenue growth target for the third time this year, sending shares 3.2% lower.</p>
<p>Ireland-based Kingspan Group eased 5.3% after reporting sales of 6.14 billion euros ($6.59 billion) in the nine-month period to Sept. 30, compared to 6.25 billion euros in 2022.</p>
<p>Investors will also keep an eye out for Italy&#8217;s credit rating review by Fitch Ratings on Friday.</p>
<p>($1 = 0.9311 euros)</p>
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