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European stocks dropped from a 12-week high as companies from Zurich Insurance Group AG to Hennes & Mauritz AB fell after posting disappointing results.
The Stoxx Europe 600 Index slipped 0.6 percent to 306.87 at 8:48 a.m. in London. The equity benchmark rose to its highest level since May 22 yesterday as a report showed the euro area’s economy returned to growth in the three months through June after six consecutive quarters of contraction. It has still rallied 11 percent since reaching a low on June 24. Standard & Poor’s 500 Index futures retreated 0.2 percent today, while the MSCI Asia Pacific Index slipped 0.8 percent.
Zurich Insurance declined 2.9 percent to 244.70 Swiss francs after posting second-quarter net income of $789 million. That missed the $823.8 million average projection of analysts in a survey. The insurer said the floods in central Europe in May and June cost it $140 million.
Hennes & Mauritz lost 1.4 percent to 242.60 kronor after saying same-store sales fell 1 percent in July from the same month a year earlier. The average estimate in an SME Direkt survey of analysts had called for an increase of 0.8 percent.
Oriflame slid 4.6 percent to 206.50 kronor after reporting earnings before interest, taxes, depreciation and amortization of 42.2 million euros ($56 million) and sales of 360 million euros in the second quarter. Analysts on average had forecast Ebitda of 46.7 million euros and revenue of 367 million euros for the period.
FTSE 100 6,557.13 -30.30 -0.46%
CAC 40 4,105.79 -8.41 -0.20%
DAX 8,400.73 -37.39 -0.44%
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