News Column

European Stocks Rally Dies Out As Economic Fears Mount

August 29, 2014



WASHINGTON (Alliance News) - European stocks finished a positive week on a lackluster note Friday, as worries about the euro zone economy overshadowed hopes from stimulus from the European Central Bank.

A slew of disappointing data, mostly from the region's economic powerhouse Germany, has markets fearing it will be a long way back for Europe regardless of whether the ECB announces quantitative easing next month.

The annual inflation rate in the euro zone fell further in August, fueling calls for the ECB to take more aggressive steps.

Annual inflation in the euro zone eased to 0.3% from 0.4% in July, according to a preliminary estimate from Eurostat.

The Euro Stoxx 50 index of eurozone bluechip stocks ticked higher by 0.02% for a weekly gain of 2.1%.

The German DAX eased 0.21% and the French CAC 40 added 0.10%. The UK'sFTSE 100 was virtually unchanged.

Volume was particularly light today as many traders enjoyed the final days of summer holidays.

AstraZeneca shares rose 2% after a report spurred speculation a deal with Pfizer could still be reached.

British super market chain Tesco revised its full year outlook. The retailer will cut its interim dividend and reduce capex. The stock tumbled 7.2%.

In Paris, Ipsen rose 7.9%. The pharmaceutical firm said its first-half net profit attributable to shareholders of the company increased to 104.0 million euros from 96.2 million euros last year.

D'??Ieteren SA posted first-half pretax profits below expectations. Shares slipped 3%.

Afren lost 2% after first-half pre-tax profit declined.



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Source: Alliance News


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