EUROPE MARKETS: European Shares Face 2nd Straight Loss As Banks Fall
08 Novembre 2017 - 12:08PM
Dow Jones News
By Carla Mozee, MarketWatch
Gemalto and Ubisoft are top gainers
European stocks declined Wednesday, potentially on course for a
second straight loss, as Credit Agricole SA was a decliner among
bank shares.
What markets are doing: The Stoxx Europe 600 lost 0.1% at
394.32, as financial, telecom and industrial shares lost ground.
But health care and basic material shares led sectors that were
rising. On Tuesday, the benchmark fell 0.5%
(http://www.marketwatch.com/story/european-stocks-wobble-around-1-year-high-2017-11-07),
pulling back further from its 52-week closing high made last
week.
In Wednesday's trade, Germany's DAX 30 index was up 0.1% at
13,388.07, while France's CAC 40 shed 0.1% to 5,477.84.
The U.K.'s FTSE 100 was up 0.1% at 7,516.789. The index on
Monday marked a record close. Spain's IBEX 35 was down 0.2% at
10,209.60.
The euro traded at $1.1597, slightly higher than $1.1587 late
Tuesday in New York.
What is moving markets: A new wave of corporate earnings reports
rolled in Wednesday. French lender Credit Agricole's decline in
profit was narrower than anticipated, but there was a shortfall in
revenue. But among advancing shares, Ubisoft Entertainment SA hit a
record high after the French video game maker's sales exceeded
expectations.
Meanwhile, the Stoxx Europe 600 Bank Index fell 0.6%. Analysts
have been noting that declining bond yields in the eurozone in the
wake of the ECB's recent monetary policy decision has been a source
of pressure for lenders. Bond yields fall when prices rise.
Stock movers: Credit Agricole shares (ACA.FR) sank 4.6% as the
lender's third-quarter revenue rose 22% to EUR4.58 billion, but
that was below a FactSet consensus estimate of EUR4.74 billion
(http://www.marketwatch.com/story/credit-agricole-net-profit-falls-beats-forecasts-2017-11-08).
Quarterly profit slid 43% to EUR1.07 billion ($1.24 billion), which
was above expectations of EUR993 million.
Gemalto NV (GTO.AE) climbed 5.3% following a ratings upgrade to
buy from neutral at UBS, which said the market is underestimating
the digital security company's growth potential and scope of cost
savings.
Ubisoft Entertainment SA (UBI.FR) rallied 8.5% to a record high
of EUR70.90 a share, according to FactSet data, as the company
behind "Assassin's Creed" and other video games said second-quarter
sales of EUR264.2 million outstripped its target of EUR190.0
million.
Gemalto and Ubisoft were the top gainers on the Stoxx 600.
Italian lender Banco BPM SA (BAMI.MI) and Vienna-based building
materials supplier Wienerberger AG led decliners index as shares in
each fell by 6.3%.
(END) Dow Jones Newswires
November 08, 2017 05:53 ET (10:53 GMT)
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