пятница, 25 октября 2013 г.

EU STOCKS under pressure on earnings and German Ifo

European stock markets moved broadly lower on Friday after a disappointing take on German business confidence and as investors digested another round of quarterly earnings. 



The Stoxx Europe 600 index dropped 0.2% to 319.75, trimming its weekly gain to 0.4%. 


Investors looked to Germany, where business confidence took a surprise dip in October. The Ifo Business Climate Index fell to 107.4, missing analyst expectations and marking the first decline in six months. The Ifo expectations and current-conditions surveys also unexpectedly slipped in October. 

Germany’s DAX 30 index fell 0.1%, retreating from an all-time high reached on Thursday. 


In the U.K., the Office for National Statistics said the British economy grew by 0.8% in the third quarter, up from 0.7% in the previous three-month period. 

The FTSE 100 index slipped 0.1%. 

France’s CAC 40 index lost 0.5%. 


Shares of Schneider Electric SA gave up 3.8% in Paris after the electrical distribution firm lowered its full-year earnings expectations after third-quarter sales declined 3.2%. 

Shares of Electrolux AB posted the biggest loss in the pan-European index, off 7.4%, after the Swedish household-appliance maker reported a drop in third-quarter earnings and said it will cut costs to adapt to the European market. 

Another Swedish firm, truck maker Volvo AB slid 5.7% after saying it expects the European truck market to remain unchanged in 2014, while also posting earnings below expectations. 

Renault SA traded 3.1% lower in Paris after the car maker late Thursday reported a 3.2% drop in third-quarter revenue.

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