European stocks mostly lower; German data points to weak economy By Investing.com

Investing.com – European stock markets closed mostly down Wednesday, with investors fretting following the release of disappointing German economic data.

At 11:30 ET (16:30 GMT), the in Germany dropped 0.1% and the in France fell 0.6%, while the in the UK gained 0.05%.

German industrial orders slumped 

fell 5.4% in November, sapped by a decline in large orders, showing that a recovery in the industrial sector is not in sight.

Additionally, fell 0.6%, bursting hopes for a boost from pre-Christmas promotions like Black Friday and Cyber Monday, while eurozone  contracted in December.

This followed Tuesday’s release of data, which came in as expected, dismissing worries that elevated consumer prices would limit interest rate cuts.

Shell trims Q4 gas production outlook

In corporate news, Shell (LON:) stock was down 1.4% after the energy giant, the world’s largest trader of liquefied , trimmed its LNG production outlook for the fourth quarter and said trading results for its chemicals and oil products division are expected to be significantly lower than in the third quarter.

Roche (SIX:) stock rose 1.4% after the Swiss healthcare giant said it planned to complete its purchase of US biopharmaceutical company Poseida Therapeutics, in a deal valued at around $1.5 billion.

The acquisition, announced in November, is the latest move by Roche to boost its development pipe-line to offset falling oncology sales.

Pluxee (EPA:) stock advanced over 15% after the French voucher and benefits company posted 12.1% organic growth in its first-quarter operating revenue, beating market expectations, while Vallourec (EPA:) rose almost 5% after the industrial equipment manufacturer achieved its zero net debt target a year ahead of schedule.

Crude boosted by US inventories draw 

Oil prices was down Wednesday, after experiencing a bounce in the prior session as US industry data pointed to a drop in oil inventories, while production by OPEC countries was seen falling.

By 11:30 ET, the US crude futures (WTI) dropped 1.2% to $73.33 a barrel, while the contract dropped 1.3% to $76.06 a barrel.

Both contracts were close to their highest levels since mid-October earlier in the session. 

Data from the , released on Tuesday, showed that US oil inventories shrank by more than 4 million barrels in the week to January 3, substantially more than expectations for a draw of 250,000 barrels. 

The reading marked a second straight week of draws for inventories, if confirmed by later in the session, as the world’s biggest fuel consumer saw increased travel during the year-end holiday season. 

Additionally, data from Reuters showed oil production by countries in the Organization of Petroleum Exporting Countries fell in December, with maintenance activity in the United Arab Emirates offsetting a production hike in Nigeria.