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31.07.2014 17:20

European stock close

European stocks dropped significantly today, and recorded its first monthly decline in the last two years. Pressure on the company's stock indexes had Adidas, warned against the deterioration of indicators in Russia, as well as the situation with Argentina.

Agency reported today BBC, defaulted Argentine authorities - that is officially recognized that the country is able to pay its debts. This South American country to declare a default for the second time in the last 13 years, and the current debt of 1.3 billion dollars came just after the previous default in 2001 when hedge funds bought government bonds at a discounted price. Argentine officials have until recently tried to sign a contract with the funds of the installment, but last night the last round of talks also ended in nothing.

Investors also continue to evaluate corporate accountability. Of the 40 percent of the participating companies STOXX Europe 600 index, that reported for the second quarter, 55 percent short of analysts' expectations or exceeded them. Corporate profits have grown by an average of 7.1 per cent compared with last year, but sales have decreased by 1.5 percent.

"Despite some decent profit companies, the market is stuck in a range, and at the forefront of investors left many negative factors, including defaulted Argentine" - said Lionel Jardin of Assya Capital in Paris.

Meanwhile, add that pressure on mood have concerns about the impact of sanctions imposed by the West against Russia. Sanctions have already begun to undermine the position of the Western companies. In general, experts believe that it is too early to draw definitive conclusions about the effectiveness of sanctions, and note that the West should expect a response from Russia, which primarily take the form of trade sanctions.

Also had little impact today's data, which showed that inflation in the eurozone slowed in July to its lowest level in four and a half years, mainly due to falling energy prices. Inflation slowed to 0.4 percent in July from 0.5 percent in June. Inflation is expected to remain unchanged at 0.5 percent. This is the lowest figure since the beginning of price growth since November 2009. Core inflation, excluding energy, food, alcohol and tobacco remained at 0.8 percent.

Another report showed that the number of initial claims for unemployment benefits in the U.S. increased by 23,000 and amounted to a seasonally adjusted 302,000 in the week ended July 26. Data were slightly better than expected. Economists on average had forecast 306,000 initial claims. Treatment in the previous week were revised up to 279,000, the lowest level since May 2000.

National benchmark indexes fell in all of the 18 western European markets, except Iceland:

FTSE 100 6,730.11 -43.33 -0.64% CAC 40 4,246.14 -66.16 -1.53% DAX 9,407.48 -186.20 -1.94%

Adidas AG shares fell by the maximum value over the past 15 years, namely 15.6 percent, after the company on the reduction of development plans in Russia and revising manufacturing business of golf. These problems forced the company to reduce the forecast annual figures.

Quotes Banco Espirito Santo tumbled 39 percent after the reservation of 4.3 billion euros ($ 5.7 billion).

Paper Afren Plc fell 26% after the resignation of top executives from the investigation of unauthorized payments.

Shares of Royal Dutch Shell Plc added 2.5 percent. The largest oil company in Europe reported a profit, excluding one-time items and inventory changes, which rose 33 percent to $ 6.1 billion from $ 4.6 billion a year earlier. It surpassed the average analyst estimate of $ 5.6 billion

Paper Alcatel-Lucent SA fell 6.7 percent. French network equipment maker reported sales at 3.28 billion euros in the second quarter, which was less than the experts' forecasts of 3.3 billion euros.

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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