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European stocks fell from a five-year high as the European Union cut its growth outlook and Bayerische Motoren Werke AG retreated after reporting results. U.S. index futures dropped, while Asian shares were little changed.
The EU cut its forecast for euro-area growth next year as the economy struggles to gain momentum with the debt crisis dragging into a fifth year and unemployment at a record. Gross domestic product in the 17-nation currency bloc will rise by 1.1 percent in 2014, less than the 1.2 percent forecast in May, the Brussels-based European Commission said today.
The commission forecast that France’s budget deficit will be 3.7 percent of GDP in 2015, which would mean it misses a deadline to reduce the shortfall to 3 percent by then.
BMW sank 4.3 percent to 80.05 euros, the biggest drop since June 20. The automaker reported a 3.7 percent decline in third-quarter earnings before interest and taxes as spending on expansion offset stronger demand for the 3-Series sedan.
Beiersdorf climbed 4.9 percent to 73.16 euros, the biggest gain since March, after saying sales will rise 6 percent to 7 percent this year. The Hamburg-based company had previously forecast revenue would increase 5 percent to 6 percent.
Marks & Spencer Group Plc, the U.K.’s largest clothing retailer, advanced 3.1 percent to 502 pence after reporting the smallest decline in general-merchandise sales in more than two years. Sales at stores open at least a year fell 1.3 percent in the quarter ended Sept. 28, M&S said. That beat the median estimate of 17 analysts for a 1.5 percent drop.
FTSE 100 6,730.09 -33.53 -0.50%
CAC 40 4,272.48 -16.11 -0.38%
DAX 9,009.48 -27.75 -0.31%
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