Losses in Credit
Suisse Group AG and Daimler AG after earnings announcements dragged
European stocks lower, even as commodity producers rallied the most
since 2011.
After a day of jumps
and slumps, the Stoxx Europe 600 Index closed down 0.2 percent, dropping
for a fourth straight session. Credit Suisse slumped to its lowest
price since 1992 after posting its biggest quarterly loss in seven
years. Daimler AG fell 3.2 percent after saying growth will slow down.
That contrasted with energy and commodity producers, which remained up
all day. Even Royal Dutch Shell Plc, which reported a slump in profit,
added 4.7 percent.
Fluctuations in the Stoxx 600 mirrored moved in oil. The gauge climbed as much as 1.1 percent and dropped 1.5 percent.
The slowdown in
emerging countries is posing a major threat to recovery in the euro
area, the European Commission said today, as it trimmed its 2016 growth
forecast for the 19-nation region and warned inflation would be much
slower than expected. Bank of England Governor Mark Carney cited similar
concerns. In a speech in Frankfurt, Mario Draghi said the fact that
inflation is weak globally won’t stop the European Central Bank from
adding stimulus for the euro area if needed.
Among other stocks
moving on earnings, ING Groep NV jumped 8.9 percent as quarterly profit
beat estimates. AstraZeneca Plc lost 6.1 percent after forecasting a
decline in earnings and sales for the year. Swisscom AG dropped 2.9
percent after annual net income missed projections.
Source : Bloomberg
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