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05.11.2012 11:31

European stocks fell

 

 

European stocks fell, pacing a late selloff in U.S. equities last week, amid concern that Greece will struggle to secure a bailout and as America prepares to choose a president.

The euro fell against most of its 16 major counterparts as Greek Prime Minister Antonis Samaras faces obstacles from coalition partners before lawmakers vote this week on measures required to receive aid.

Samaras pledged on Nov. 4 that the raft of wage and pension cuts in the latest austerity package will be the last and that Greek society won’t tolerate any more, according to comments made to lawmakers of his New Democracy party. The first parliamentary vote in Athens may come as early as Nov. 7.

In the U.S., voters will decide tomorrow between giving President Barack Obama another four years in office or changing course with Republican challenger Mitt Romney.

CGGVeritas lost 2.1 percent to 24.77 euros after the company reported third-quarter net profit of $48 million, missing analyst estimates for a profit of $68 million. The shares fell even as the company confirmed its 2012 targets.

Siemens dropped 0.8 percent to 78.89 euros after Financial Times Deutschland reported that the company may have to write down another 250 million euros ($321 million) from the exit of its solar business. The newspaper cited unidentified people close to the company.

Ryanair advanced 8.8 percent to 4.95 euros after reporting a 23 percent rise in second-quarter net profit to 496.8 million euros. The airline said annual earnings will be in the range of 490 million euros to 520 million euros, compared to 502.6 million euros in 2012. The company previously forecast profit would shrink to between 400 million euros and 440 million euros.


FTSE 100 5,841.08 -27.47 -0.47%

CAC 40 3,464.86 -27.60 -0.79%

DAX 7,332.1 -31.75 -0.43%


 

05.11.2012 13:03

Orders

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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