Europe closes in the red as media stocks fall

Mittwoch, 23. August 2017 17:35

Major stock indexes in Europe finished mostly lower on Wednesday, dragged down by media stocks, which slid after Wire and Plastic Products plc (WPP), the world's largest advertising group, warned that economic uncertainty and digital disruption are pushing down advertising budgets.

The FTSE 100 was just 0.01% higher when markets closed in London. WPP sunk 11.19% following a cut in its full-year net sales outlook, with shares heading for their biggest drop in almost 20 years.

In Germany, the DAX settled 0.37% in the negative territory. ProSiebenSat.1 led the decliners with a loss of 3.74%.

The French CAC 40 shed 0.27% on closing, as Publicis Groupe fell 2.86%.

The euro advanced 0.39% against the dollar to sell for 1.18073 at 5:34 pm CET and gained 0.65% compared to the British pound to trade at 1.0832 for one unit of sterling. Meanwhile, the pound slipped 0.29% versus the greenback to change hands for 1.27863.

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