EUROPE MARKETS: European Stocks End Lower For 2nd Straight Day As Banks Fall
08 Novembre 2017 - 7:07PM
Dow Jones News
By Carla Mozee and Victor Reklaitis, MarketWatch
Ubisoft is top gainer; Gemalto also jumps
European stocks declined Wednesday, enduring a second straight
loss, as Credit Agricole SA was a decliner among bank shares.
What markets are doing: The Stoxx Europe 600 edged down by less
than 0.1% to end at 394.45, pulling back further from its 52-week
closing high made last week. On Tuesday, the benchmark fell 0.5%
(http://www.marketwatch.com/story/european-stocks-wobble-around-1-year-high-2017-11-07).
In Wednesday's trade, Germany's DAX 30 index was up less than
0.1% to end at 13,382.42, while France's CAC 40 shed 0.2% to
5,471.43.
The U.K.'s FTSE 100 closed up 0.2% at 7,529.72, creeping back
toward Monday's record close. Spain's IBEX 35 was down less than
0.1% at 10,228.70.
The euro traded at $1.1591, 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 Crédit 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 videogame maker's sales exceeded
expectations.
Meanwhile, the Stoxx Europe 600 Bank Index fell 0.1%. 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: Crédit Agricole shares (ACA.FR) sank 3.2% 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.
Ubisoft Entertainment SA (UBI.FR) rallied 9.3% to a record high,
according to FactSet data, as the company behind "Assassin's Creed"
and other videogames said second-quarter sales of EUR264.2 million
outstripped its target of EUR190.0 million. Ubisoft was the top
gainer in the Stoxx 600.
Italian lender Banco BPM SA (BAMI.MI) led decliners in the
index, as shares in fell 7.5%.
Gemalto NV (GTO.AE) climbed 5.2% 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.
(END) Dow Jones Newswires
November 08, 2017 12:52 ET (17:52 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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