News Column

European Stocks Trim Weekly Gains On Dreary Earnings

May 9, 2014

BRUSSELS (Alliance News) - European stocks fell from a six-year high Friday amid disappointing corporate earnings and lingering concerns about the conflict between Ukraine and pro-Russian separatists.

The Euro Stoxx 50 index of eurozone bluechip stocks fell 0.64%, for a weekly gain of 0.16%.

The German DAX lost 0.25%, France's CAC lost 0.65% and the FTSE of the UK fell 0.38%. Switzerland's SMI rose 0.3%.

In Frankfurt, Commerzbank dropped 3%.

Societe General cut HeidelbergCement to ''Hold'' from ''Buy.'' The stock fell 1%.

K+S rose 2.7%, following a positive broker recommendation.

Salzgitter gained 4%. The steel firm reported a narrower pre-tax loss for the first quarter.

Telefonica lost 1.9% after saying first-quarter operating income slid 14%.

Alcatel Lucent, which reported a smaller quarterly loss, lost 2.7%.

Vallourec fell 4.4% and ArcelorMittal lost 3.5%.

Publicis Groupe dropped 1%. The company and Omnicom Group, Inc. mutually agreed to terminate their proposed merger of equals.

In London, Petrofac plunged over 15%. The company expects to report lower profit for the year.

Germany's exports declined for the second straight month in March, data from Destatis showed. Defying expectations, exports fell 1.8% month-on-month in March, sharper than the 1.3% fall seen in February. Shipments were expected to rise by 1.3%.

At the same time, imports declined 0.9%, reversing a 0.4% rise in February. Economists had forecast 0.6% increase for March.

UK industrial production dropped slightly in March largely due to a fall in oil and gas extraction, data from the Office for National Statistics revealed. Industrial production fell 0.1% from February, when output rose 0.8%. Production was forecast to decrease 0.2%.

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Source: Alliance News

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