European Stocks Lose Early Gains to Close Lower

By Investors Hub

European stocks are turned lower over the course of the session on Thursday after moving to the upside earlier in the day.

While the German DAX Index has slumped by 1.1 percent, the U.K.?s FTSE 100 Index is down by 0.4 percent and the French CAC 40 Index is down by 0.3 percent.

German software group Software AG has rallied after appointing Sanjay Brahmawar as its new CEO. Volkswagen has also moved higher after the automaker said it would stop testing its products on animals.

Nokia has jumped as it reported better than expected quarterly profits on the back of a one-off patent payment from China’s biggest smartphone maker.

Dassault Systemes has also moved sharply high after the company posted double-digit growth in its new licenses revenue for the full year.

Meanwhile, British mobile operator Vodafone Group has moved to the downside after issuing a disappointing earnings update.

German automaker Daimler has also moved lower after revealing that its 2018 earnings growth would be dampened by spending on new technologies.

Insulin maker Novo Nordisk has fallen after its fourth quarter results fell short of expectations.

In economic news, U.K. house price inflation accelerated to its highest level in 10 months in January, defying expectations for a slowdown, results of a survey by the Nationwide Building Society showed.

The house price index rose 3.2 percent year-on-year after a 2.6 percent increase in December. Economists had expected 2.5 percent gain.

IHS Markit’s January final manufacturing PMI for the eurozone came in at 59.6, matching the preliminary reading but below December’s 60.6.