EU STOCKS decline amid Ukraine tension

European stocks dropped for a second day as investors weighed escalating tensions between America and Russia over the future of eastern Europe. 

The Stoxx Europe 600 Index slipped 0.3% to 334.06. The benchmark measure lost 1.2 percent yesterday as technology shares retreated. 

Data released showed UK’s Industrial Production expanded 0.9% inter-month in February vs. forecasts for a 0.3% gain. Manufacturing Production followed suit, advancing 1.0% vs. 0.3% estimated. 

Ukraine sent additional police forces into its eastern regions after pro-Russian protesters seized government buildings in Donetsk, Luhansk and Kharkiv this week. The U.S. accused Russia of instigating the raids, amid increasing concern that Russian President Vladimir Putin plans to make Ukraine a loose federation. 

Suedzucker AG slumped 16%. The maker of sugar, starch and bakery additives projects full-year revenue of about 7 billion euros ($9.6 billion), below analysts’ estimates of 7.5 billion euros.

Sports Direct slid 6.7%, for its biggest drop since Dec. 12. Ashley was selling 200 million pounds ($332 million) of shares in the sporting-goods retailer with Goldman Sachs Group Inc. as the sole book runner, FT reported. Ashley sold the stake after acquiring an 11% stake in House of Fraser Ltd.

Cie. de Saint-Gobain SA fell 2.7%. Groupama SA sold its entire 1.8% stake in Europe’s biggest supplier of building materials for 450 million euros.

Nokia (NOK1V) rose 2.8%. China’s Ministry of Commerce said it has approved Nokia’s deal with Microsoft after the U.S. software company pledged it won’t ban Chinese phone makers from using its patents. With this clearance, Nokia expects the transaction to be completed this month.

Source of information>>

More information>>