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25.10.2013 17:20

European stock close

European stocks were little changed, with the Stoxx Europe 600 Index heading for a third weekly advance, as companies from Kering (KER) SA to Renault SA reported sales that missed projections, offsetting gains in BASF SE.

The Stoxx 600 slipped 0.1 percent to 320 at 4:30 p.m. in London. The gauge has still climbed 0.5 percent this week as companies from Daimler AG to Royal Philips NV posted results that beat analysts’ estimates. The benchmark has gained 14 percent in 2013 as central banks around the world pledged to leave interest rates low for a prolonged period.

Data from the U.S. Commerce Department today showed orders for durable goods increased 3.7 percent in September after a revised 0.2 percent advance in the prior month, as stronger demand for commercial and military aircraft outweighed a drop in business equipment. The median estimate was for a 2.3 percent gain.

National benchmark indexes fell in 12 of the 18 Western-European markets.

FTSE 100 6,719.54 +6.36 +0.09% CAC 40 4,272.47 -3.22 -0.08% DAX 8,989.62 +8.99 +0.10%

Kering retreated 2.8 percent to 167.75 euros after the luxury-goods maker said third-quarter sales from continuing operations fell to 2.52 billion euros. Analysts predicted 2.55 billion euros, according to the median estimate. Gucci’s sales rose 0.6 percent, less than projections for 2.1 percent growth, and the weakest performance since the third quarter of 2009.

Renault (RNO) declined 3.1 percent to 66.19 euros. Sales fell 3.2 percent to 8 billion euros from a restated 8.26 billion euros a year earlier, the French company said late yesterday. Revenue was less than the 8.5 billion-euro average of analyst estimates.

Volvo AB (VOLVB), the world’s second-largest truckmaker, dropped 6.7 percent to 88 kronor, its biggest decline in a year, after saying that the strength of the krona and new-vehicle investments ate into profit. Earnings before interest and taxes decreased 18 percent to 2.4 billion kronor ($379 million) from 2.92 billion kronor a year earlier, missing the 3.15 billion-krona average estimate.

Telecom Italia tumbled 6.3 percent to 67.3 euro cents. The phone company may propose the 1.5 billion euros to 2 billion euros capital increase at its Nov. 7 board meeting, according to three people with knowledge of the matter, who asked not to be identified because the deliberations are private.

Schneider Electric SA slipped 1.5 percent to 62.32 euros. The world’s biggest maker of low- and medium-voltage equipment cut its 2013 profit and revenue forecasts because of the strength of the euro. The decline of emerging-market currencies will crimp its ">BASF, the world’s largest chemical maker, rose 1.6 percent to 75.34 euros. Third-quarter Ebit excluding one-time items jumped 15 percent to 1.69 billion euros, beating the average analyst estimate of 1.62 billion euros, according to a statement today.

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