Renault, UBS Group Pull Down European Stocks
By Investors Hub
European stocks have also moved lower Friday, with Swiss bank UBS Group AG and French car maker Renault SA among the losers following their earnings release.
While the French CAC 40 Index has slumped by 1.2 percent, the U.K.’s FTSE 100 Index is down by 0.7 percent and the German DAX Index is down by 0.5 percent.
In stock-specific action, the banking sector was in focus with major banks coming out with their earnings reports.
UBS shares fell on concerns over client activity and margins in its wealth management division, despite the company reporting 14 percent higher profits in its second quarter.
French bank BNP Paribas and Spanish bank Banco Santander have also moved lower despite reporting higher earnings.
Renault has come under pressure even though the company reported a 59 percent surge in first-half profit on increased volume and with a larger payout from its holding in Nissan Motor.
British telecom firm BT Group has also moved to the downside after reporting weak results in its first quarter.
Meanwhile, Credit Suisse Group has moved higher after posting a profit in its second quarter compared to last year’s loss.