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14.04.2014 10:45

European stock fell

European stocks fell for a third day, after completing their worst week in a month, as investors weighed increasing violence in Ukraine. U.S. stock-index futures were little changed, while Asian shares dropped.

The Stoxx Europe 600 Index fell 0.6 percent.

“The crisis in Ukraine is adding some volatility to the market, especially considering that there is a real economic risk if the situation escalates further,” Francois Savary, who helps oversee about $9.6 billion as chief investment officer at Reyl & Cie, said by phone from Geneva. “Thursday’s meeting will be key to see if the parties involved are able to find a diplomatic solution to desescalate the situation.”

Russia called an emergency meeting of the United Nations Security Council as officials from the U.S. and Moscow blamed each other amid violence in eastern Ukraine. Camouflaged gunmen fired on Kiev government troops near Slovyansk, about 240 kilometers (150 miles) from Ukraine’s frontier with Russia, killing one serviceman and wounding five, the Ukrainian government said.

Euro-area data showed industrial production climbed 0.2 percent in February after remaining unchanged the previous month. Economists had forecast a 0.3 percent rise.

In the U.S., a Commerce Department report may show that retail sales rose last month, indicating the world’s largest economy is recovering from a winter-led slowdown earlier this year.

Peugeot slid 3 percent to 13.29 euros. Europe’s second-largest carmaker said it will turn the Citroen unit’s DS badge into a separate brand. Operating profit from carmaking will be 2 percent of sales by 2018 and increase to 5 percent in the 2019-2023 period, Peugeot said.

Kuehne & Nagel fell 3.6 percent to 118.50 Swiss francs, its lowest price in two months. The company said sales slipped 1.3 percent to 4.13 billion francs ($4.71 billion) in the first quarter. Analysts had predicted 5.22 billion francs on average. Earnings before interest and taxes increased to 190 million francs, less than the 192 million-franc projection.

Symrise dropped 4.7 percent to 34.16 euros. The company has offered 1.3 billion euros ($1.8 billion) to buy Diana Group, a French flavors and pet-food additive maker. Symrise has entered into exclusive talks with owner Ardian Sarl, and the deal is expected to be completed in the third quarter, according to an April 12 statement.

STMicroelectronics NV (STM) lost 2.7 percent to 6.24 euros as UBS cut its rating on the chipmaker to sell from neutral, with analyst Gareth Jenkins citing the stock’s valuation. It traded at 47.1 times estimated earnings at the end of last week, compared with 37.2 for technology companies in the Stoxx 600.

TomTom NV, a maker of navigation devices, declined 6.1 percent to 4.58 euros after UBS recommended selling the shares.

FTSE 100 6,528.58 -33.12 -0.50%

CAC 40 4,338.31 -27.55 -0.63%

DAX 9,254.43 -60.86 -0.65%

14.04.2014 12:00


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