European Markets Finish Lower Due To Rising Euro
BRUSSELS/FRANKFURT/PARIS (Alliance News) - European markets ended Tuesday's session in the red, after finishing yesterday's session with gains.
The Euro gained ground against the dollar ahead of the release of US inflation data on Wednesday, which pressured shares of European exporters.
Travel stocks turned in a solid performance after the strong report from TUI and miners also fared well due to rising metal prices. Meanwhile, telecom and technology names were under pressure.
The pan-European Stoxx Europe 600 index weakened by 0.63%. The Euro Stoxx 50 index of eurozone bluechip stocks decreased 0.80%, while the Stoxx Europe 50 index, which includes some major UK companies, lost 0.72%.
The DAX of Germany dropped 0.70% and the CAC 40 of France fell 0.60%. The FTSE 100 of the UK declined 0.13% and the SMI of Switzerland finished lower by 0.79%.
In Frankfurt, copper smelter Aurubis tumbled 8.04% on reports that it is in advanced talks to sell its flat rolled products unit to Wieland-Werke AG.
Metro AG rose 0.14 percent. The wholesale retailer confirmed its FY guidance after nearly doubling its quarterly earnings.
In Paris, Kering dropped 3.95% despite the luxury conglomerate posting strong sales growth in the fourth quarter.
Games publisher Ubisoft rallied 6.15% after a positive trading update.
In London, travel and tourism company TUI jumped 1.25% after the company narrowed its first-quarter loss and affirmed its FY18 outlook.
Telenet sank 5.46% in Brussels after the operator posted muted growth in fourth quarter revenue.
Integrated steel and mining company ArcelorMittal rose 2.16% in Amsterdam after its Indian unit submitted an offer for Essar Steel.
Randstad Holding NV rallied 2.00%. The world's second-largest staffing company has declared a special dividend after reporting higher net profit for the fourth quarter of 2017.
French payroll employment continued to increase in the fourth quarter, data from the statistical office Insee showed Tuesday. Private payroll employment climbed 53,300 or 0.3% from the third quarter. Employment had advanced the same 0.3% or 49,600 in the September quarter.
UK inflation remained stable in January as downward pressure from auto fuel and food prices was offset by upward effect from recreational and cultural goods. Inflation came in at 3% in January, the same rate as seen in December, the Office for National Statistics reported Tuesday. Inflation was forecast to slow to 2.9%.
British house price inflation accelerated slightly in December, after easing in the previous month, figures from the Office for National Statistics showed Tuesday. The house price index climbed 5.2% year-over-year December, faster than the 5.0% rise in November, which was revised down from a 5.1% increase reported earlier.
Copyright RTT News/dpa-AFX
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