Industrial and transportation sectors experienced a decline in share values, reflecting concerns about the economic outlook in the United States and Europe. In the eurozone, economic activity contracted for the seventh consecutive month in December, with demand weakening and an overall gloomy economic forecast. This data was revealed by a purchasing managers' survey on Friday.
On the other hand, U.S. data presented mixed signals. Business conditions in the New York region deteriorated, sinking to a four-month low of -14.5 in December. This decline indicates ongoing weakness in the manufacturing sector of the U.S. economy. However, the S&P Global Flash U.S. Composite purchasing managers index showed improvement, reaching a five-month high of 51.0 in December compared to 50.7 in November. This index measures activity in both manufacturing and services sectors.
In other news, RTX has appointed Christopher Calio as its new chief executive. The aerospace giant deals with challenges such as recalls of jet engines and surging demand from military and commercial customers.
General Motors also made announcements, revealing plans to cut over 1,300 jobs at factories situated in Michigan.
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