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02.12.2013 18:20

European stock close

European stocks fell, following three months of gains, as a report showed that Spanish manufacturing unexpectedly declined last month.

The Stoxx Europe 600 Index fell 0.3 percent to 324.26.

National benchmark indexes retreated in 15 of the 18 western European markets.

FTSE 100 6,595.33 -55.24 -0.83% CAC 40 4,289.64 -5.57 -0.13% DAX 9,408.87 +3.57 +0.04%

Manufacturing in the euro area expanded for a fifth month. The final reading of Markit Economics’s factory index rose to 51.6 in November from 51.3 in October. Today’s reading was above the initial estimate of 51.5. In Spain, the gauge fell to 48.6, the lowest since May, and compared with a forecast 51.1.

U.S. manufacturing rose in November. The Institute for Supply Management’s factory index climbed to 57.3 in November from 56.4 a month earlier, the Tempe, Arizona-based group’s report showed. The median projection of economists called for a drop to 55.1.

In China, a report showed the manufacturing purchasing managers’ index, released yesterday, came in at 51.4 for November, matching the 18-month high reached in October and beating 24 of 26 economist estimates. A separate report from HSBC Holdings Plc and Markit Economics today showed PMI was at 50.8 last month, compared with 50.9 in October.

ThyssenKrupp plunged 9.2 percent to 17.50 euros after saying it will increase capital and absorb money-losing businesses. Germany’s largest steelmaker agreed to sell its U.S. plant to ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. for $1.55 billion, ThyssenKrupp said in a Nov. 29 statement. ThyssenKrupp had a market value of about 9.9 billion euros ($13 billion) on Nov. 29.

Enel SpA (ENEL) retreated 3.4 percent to 3.24 euros after Deutsche Bank AG said that its estimates for earnings at Italy’s biggest utility show no growth for 2013 or 2014.

Debenhams fell 3.8 percent to 93.10 pence. Barclays downgraded the shares to under weight, the equivalent of a sell recommendation, from equal weight, saying that the retailer’s online offering trails its competitors.

L’Oreal added 1.8 percent to 125.35 euros. The world’s largest cosmetics maker said it will repurchase as much as 500 million euros of shares.

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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