EU STOCKS ease Wednesday

European stocks slipped Wednesday. The Stoxx Europe 600 shed 0.2% to 336.37, handing back a small portion of its 1.4% jump on Tuesday, which was led by a rally in drug makers.

Shares of Ericsson fell 4.9% after the Swedish mobile-network company posted an unexpectedly sharp decline in quarterly revenue to 47.51 billion Swedish kronor ($7.21 billion), from 52.03 billion kronor a year earlier. That missed a consensus projection from analysts of 50.80 billion kronor. 

ARM Holdings PLC shares were down as well, off 2.1% as the computer-chip designer was unable to gain traction after reporting a rise in first-quarter profit.

But limiting the Stoxx 600’s loss was an 8.6% leap in Associated British Foods PLC shares, as strength from its Primark retail chain and grocery units aided in a rise in half-year profit. The company said it plans to open Primark stores in the north-east of the U.S.

European benchmark indexes remained lower after EMU data. German Manufacturing PMI came out at 54.2 vs 53.9 forecasted, thus triggering some recovery for the pair. 

Preliminary Eurozone PMI Manufacturing improved to 53.3 points in April, from 53 points in March, according to data released. PMI Services climbed to 53.1 points in April, from 52.2 the previous month and above expectations of an increase to 52.4. PMI Composite edged up to 54 from 53.1, against forecasts of staying unchanged.

Germany’s DAX 30 lost 0.1% and France’s CAC 40 declined 0.3%, while the U.K.’s FTSE 100 was higher by 2 points.

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