European markets finish with losses on earnings and banking losses

Wednesday, 11. May 2016 17:54

European stock markets traded with losses on Wednesday, with earnings report season keeping investors' attention, while gains in oil came too late to boost the trade, save for a rise in other commodities.

The German DAX index closed 0.70% lower at 9,978 points. E.ON fell 5.58%, RWE followed down 3.50% and ProSiebenSat.1 media group lost 3.61%. ThyssenKrupp rose 3.12% and Deutsche Post climbed up 2.23%.

In France, the CAC 40 finished 0.50% lower at 4,316 points. Peugeot fell 1.87%, Société Générale lost 1.64% and Vivendi rolled down 1.58%. ArcelorMittal added 3.82%, Bouygues telecom rose 1.22% and LafargeHolcim headed up 1.04%.

The pan-European Euronext index closed down 0.47% at 855 points. JCDecaux tumbled 9.99% on late London marketing job. Arkema added 5.05%.

In London, the FTSE 100 inched up 0.02% to close at 6,158 points. Mining and materials companies flourished: Anglo American rose 4.25%, and BHP Billiton, Fresnillo, Glencore and Antofagasta also gained. Mondi climbed up 2.98%. Aerospace and defence corporation Inmarsat saw a 2.61% lower orbit, and Land Securities fell 2.37%.

Milan's FTSE MIB was depressed by losses in banking sector, ending down 1.27% at 17,688 points. Banco Popolare plunged 9.09% and Banca Popolare Milano followed down 6.38%. Mediaset fell 4.90%. Moncler rose 4.61%, Leonardo Finmecanica rose 3.76%, and Mediobanca defied the banking trend rising 1.75% for the day.

The Swiss Market Index held up 0.04% to close at 7,937 points. Credit Suisse weighed heavy, falling 2.98% and Swatch Group rolled down 1.74%. ABB added 0.65% and Nestlé rose 0.62%.

The Greek Athex index fell 1.63% and OMX indexes in Helsinki and Denmark finished positive.

Oil jumped on EIA report on lower crude and gasoline inventories in the United States: Brent rose 3.35% to $47.10 a barrel and WTI rose 2.74% to $ 45.92 a barrel by 5:42 p.m. CET.

The euro was 0.57% stronger compared to the U.S. dollar, and added 0.36% against the British pound. The European currency inched up 0.02% versus the Swiss franc and fell 0.09% against the Japanese yen by 5:50 p.m. CET.

 

Image: EPA / Ian Langdon

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Breaking the News / ZR