European Stock Markets
A fall in commodity stocks and continued profit taking sent European
shares to an eight-week low on Wednesday, but Airbus rallied after
winning its biggest order.
The UK's top share index FTSE 100 .FTSE declined 0.4 percent and Germany's export oriented DAX .GDAXI index fell 0.6 percent, weighed down by a stronger euro
Deutsche Bank strategists led by Sebastian Raedler expect the STOXX 600 to end the year at 395 points, 3 percent above current levels, before falling back to 375 in the first months of 2018
Airline pioneer Bill Franke placed a historic order for 430 A320neo-family jets in a deal worth $49.5 billion at list prices that marks a dramatic turnaround for Airbus, which had been lagging behind Boeing in the contest for orders.
The deal is one of the industry’s biggest deals by volume and the most planes sold by Airbus in one batch.
Crude oil’s price slide on worries over the outlook
for demand and weaker metal prices weighed on mining and energy stocks
like Rio Tinto (RIO.L) and Royal Dutch Shell (RDSa.L).
Their falls helped send the pan-European STOXX 600 index down 0.6 percent to its lowest level since Sept. 20.
The
index was on track or its seventh session of straight losses, its
longest losing streak since October 2016 when markets fell in the run-up
to the U.S. presidential elections.
The UK's top share index FTSE 100 .FTSE declined 0.4 percent and Germany's export oriented DAX .GDAXI index fell 0.6 percent, weighed down by a stronger euro
Banks .SX7P were also among the biggest losers,
down 1 percent, but falls were spread across sectors as investors
continued to take profits following this year’s rally.
The STOXX 600 is still up nearly 6 percent so far this year.
Deutsche Bank strategists led by Sebastian Raedler expect the STOXX 600 to end the year at 395 points, 3 percent above current levels, before falling back to 375 in the first months of 2018
On the
earnings front, data from Thomson Reuters IBES data show that 48 percent
of companies
listed on the euro zone MSCI EMU index have beaten analyst
expectations while 40 percent have missed them. Earning beats stand at
53 percent for the broader MSCI Europe index and at 72 percent for the
U.S.’s S&P 500.
Germany’s Lanxess (LXSG.DE)
was among the biggest fallers on the STOXX on Wednesday, down 3.2
percent, after its earnings update did not provide any positive
surprise.
On the positive side, Airbus (AIR.PA) rose 3.4 percent.
Airline pioneer Bill Franke placed a historic order for 430 A320neo-family jets in a deal worth $49.5 billion at list prices that marks a dramatic turnaround for Airbus, which had been lagging behind Boeing in the contest for orders.
The deal is one of the industry’s biggest deals by volume and the most planes sold by Airbus in one batch.
No comments:
Post a Comment