European Stocks Move Downside
By Investors Hub
The major European markets have moved to the downside on the day. While the German DAX Index has fallen by 0.6 percent, the U.K.’s FTSE 100 Index is down by 0.2 percent and the French CAC 40 Index is just below the unchanged line.
Investors have largely ignored survey data from market research group GfK showing that German consumer confidence is set to strengthen in August. The forward-looking consumer sentiment index rose to 10.8 from 10.6 in July.
AstraZeneca has slumped in London after suffering a setback to its new lung cancer drug. Nestle has also moved lower after the Swiss food company reported lower sales during the first half of the year ahead of a strategy revamp this year.
Deutsche Bank shares have tumbled after the German lender reported a 10 percent decline in second-quarter revenue owing to a negative impact from the tightening of spreads on its own debt.
Aerospace and defense company Airbus has fallen as it reported a 34 percent drop in second-quarter profits on lower plane deliveries.
On the other hand, ArcelorMittal has advanced after the world’s biggest steelmaker raised its outlook for global steel demand.
Allianz has also rallied after the German insurer reported solid second-quarter earnings and sounded confident of hitting its full-year targets.
Schneider Electric has jumped after the French power-equipment supplier raised its full-year guidance and said it was buying automatic transfer switch maker Asco Power Technologies for $1.25 billion in an all-cash deal.