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European stocks declined as companies from Inditex SA to Adecco SA reported earnings that trailed analyst estimates.
A report from Luxembourg showed industrial production in the euro area fell more than estimated. Output dropped 0.4 percent in January, after increasing a revised 0.9 percent in December, data from the European Union’s statistics office showed. Economists in a survey had projected a drop of 0.1 percent in January.
Inditex dropped 2.8 percent to 105.40 euros in Madrid. The retailer reported a 12 percent decline in net income to 705 million euros ($919 million) in the three months through January. The average of analyst forecasts in a Bloomberg survey called for 716 million euros.
Adecco lost 4 percent to 52.50 Swiss francs in Zurich after the world’s largest provider of temporary workers posted reported fourth-quarter net income of 35 million euros, missing the average analyst estimate of 82.8 million euros. Sales were in line with forecasts.
Enel fell 4.8 percent to 2.65 euros in Milan after the company reported a slump in profit and said earnings won’t recover until 2017 as taxes and weakening power demand in its biggest markets crimp growth.Net income fell to 865 million euros from 4.1 billion euros a year earlier. Earnings before interest, tax, depreciation and amortization slid 4.9 percent to 16.7 billion euros and will hold steady until rising to as much as 18 billion euros in 2017.
FTSE 100 6,457.57 -53.05 -0.81%
CAC 40 3,824.23 -15.74 -0.41%
DAX 7,951.48 -14.64 -0.18%
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