European Stock Markets Weaken as Investors Digest Mixed Earnings Reports

February 27, 2018
European Stock Markets Weaken as Investors Digest Mixed Earnings Reports

By Investors Hub

European stocks are turning in a lackluster on Tuesday as investors digest mixed earnings reports and looked ahead to Powell?s Congressional testimony.

While the U.K.?s FTSE 100 Index is just below the unchanged line, the French CAC 40 Index is down by 0.2 percent and the German DAX Index is down by 0.5 percent.

Sky Plc shares have soared in London after Comcast (CMCSA) announced a superior cash proposal to acquire the British broadcaster.

Homebuilder Persimmon has also jumped after reporting a 25 percent increase in 2017 pre-tax profits and boosting its interim dividend.

Provident Financial has also spiked higher after the troubled subprime lender settled one of its U.K. regulatory probes and announced plans to raise 331 million pounds via a rights issue.

Insurer Swiss Life Group has rallied after its fiscal 2017 net profit increased 9 percent to 1.01 billion Swiss francs from last year’s 926 million francs.

Meanwhile, BASF shares have fallen. The German chemicals giant reported lower fourth quarter earnings from its functional-materials and performance-products segments.

In economic news, French consumer confidence weakened more than expected in February after stabilizing in the previous month, survey data from the statistical office Insee showed.

The consumer sentiment index dropped to its long-term average of 100 in February from 104 in January. Economists had expected the index to dip to 103.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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