• European stocks declined

Market news

21 November 2013

European stocks declined

European shares fell after minutes from the Federal Reserve’s last meeting signaled the U.S. may reduce stimulus in coming months. U.S. stock-index futures rose and Asian shares dropped.

The Fed expected economic data to signal improvement in the job market and “would thus warrant trimming the pace of purchases in coming months,” minutes of the U.S. central bank’s Oct. 29-30 meeting showed yesterday in Washington.

In the euro-area, an index based on a survey of purchasing managers in the manufacturing industry rose to a 29-month high this month of 51.5 from 51.3 in October, London-based Markit Economics said today.

A separate report later today may show that consumer confidence in the euro area increased to minus 14 this month from minus 14.5 in October, according to the median forecast of 27 analysts in a survey.

The Stoxx Europe 600 Index added 0.1 percent yesterday after a report said the European Central Bank is considering a smaller-than-normal cut in the deposit rate if officials decide to take it negative. Policy makers would reduce the rate for commercial lenders who park excess cash at the ECB to minus 0.1 percent from zero, said two people with knowledge of the debate. ECB President Mario Draghi is speaking in Berlin today.

Atos dropped 3.5 percent to 62.07 euros for a fifth straight day of losses. Shareholder PAI Partners SAS is selling 8.9 million shares in the French company for 61.25 euros each.

Intermediate Capital lost 3.5 percent to 444.4 pence after it was cut to hold from add at Numis, which said that half-year results were weaker than expected. The London-based money manager reported first-half pretax profit rose to 155.3 million pounds ($250 million) from 39.6 million pounds in the same period a year earlier. The company’s assets under management shrank 6 percent to 12.1 billion euros.

EADS declined 1.2 percent to 51.54 euros. UBS said in a note that investing in the company is “less compelling” after shares rallied 77 percent in 2013 through yesterday and orders were announced following the Dubai Air Show.

FTSE 100 6,684.89 +3.81 +0.06%

CAC 40 4,251.95 -16.42 -0.38%

DAX 9,177.64 -24.43 -0.27%


Market Focus
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer
Open Demo Account & Personal Page
I understand and accept the Privacy Policy and agree to my name and contact details being used by TeleTrade to contact me about this.