News Column

European Stocks Sideways For A Second Day

May 20, 2014

BRUSSELS (Alliance News) - European stocks fought back from lunch hour losses to finish little changed for a second day in a row on Tuesday. A late session rally fizzled out, leaving most of the major averages slightly lower.

The Euro Stoxx 50 index of eurozone bluechip stocks slipped 0.20%, but remains up 1.75% year-to-date.

The German DAX lost 0.23%, the French CAC 40 fell 0.39% and the UK'sFTSE 100 was down 0.59%. Italian stocks steadied after heavy recent losses.

In corporate developments, Vodafone plunged 5.8% after posting a wider pre-tax loss for the year.

Tesco fell 2%. Jefferies cut the stock to ''Hold'' from ''Buy.''

United Internet reported increased earnings for the first quarter. The stock rose 4%.

Vivendi eased 0.3%. The Paris Court of Appeal Monday overturned a lower court's decision that found Vivendi's former chief executive Jean-Marie Messier guilty of disseminating false or misleading information to the market.

Cobham lost 4.5%. The company has agreed to acquire US-based Aeroflex Holding Corp., a provider of high performance microelectronic components and test and measurement equipment, in a USD1.46 billion deal.

Deutsche Annington fell 2.6%, after a big stake sale by some investors.

MorphoSys rose 9%. The biotechnology firm said the Food & Drug Association has granted orphan drug designation to MOR208 for the treatment of Chronic Lymphocytic Leukemia or Small Lymphocytic Leukemia.

In economic news, Germany's producer prices fell for the ninth consecutive month in April, Destatis reported. Producer prices fell 0.9% on a yearly basis, the same rate as seen in March and February. The annual decline also matched economists' expectations.

UK's Office For National Statistics said house prices rose at a slower rate in March after a surge in February, trailing expectations. House prices rose 8% year-over-year to 252,000 pounds in March after a revised 9.2% rise in February. Economists estimated a 9.6% increase.

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Source: Alliance News

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