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5/11/2016, 5:54 PM (Source: TeleTrader)
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European markets finish with losses on earnings and banking losses

European stock markets traded with losses on Wednesday, with earnings report season keeping investors' attention, while gains in oil came too late to boost the trade, save for a rise in other commodities.

The German DAX index closed 0.70% lower at 9,978 points. E.ON fell 5.58%, RWE followed down 3.50% and ProSiebenSat.1 media group lost 3.61%. ThyssenKrupp rose 3.12% and Deutsche Post climbed up 2.23%.

In France, the CAC 40 finished 0.50% lower at 4,316 points. Peugeot fell 1.87%, Société Générale lost 1.64% and Vivendi rolled down 1.58%. ArcelorMittal added 3.82%, Bouygues telecom rose 1.22% and LafargeHolcim headed up 1.04%.

The pan-European Euronext index closed down 0.47% at 855 points. JCDecaux tumbled 9.99% on late London marketing job. Arkema added 5.05%.

In London, the FTSE 100 inched up 0.02% to close at 6,158 points. Mining and materials companies flourished: Anglo American rose 4.25%, and BHP Billiton, Fresnillo, Glencore and Antofagasta also gained. Mondi climbed up 2.98%. Aerospace and defence corporation Inmarsat saw a 2.61% lower orbit, and Land Securities fell 2.37%.

Milan's FTSE MIB was depressed by losses in banking sector, ending down 1.27% at 17,688 points. Banco Popolare plunged 9.09% and Banca Popolare Milano followed down 6.38%. Mediaset fell 4.90%. Moncler rose 4.61%, Leonardo Finmecanica rose 3.76%, and Mediobanca defied the banking trend rising 1.75% for the day.

The Swiss Market Index held up 0.04% to close at 7,937 points. Credit Suisse weighed heavy, falling 2.98% and Swatch Group rolled down 1.74%. ABB added 0.65% and Nestlé rose 0.62%.

The Greek Athex index fell 1.63% and OMX indexes in Helsinki and Denmark finished positive.

Oil jumped on EIA report on lower crude and gasoline inventories in the United States: Brent rose 3.35% to $47.10 a barrel and WTI rose 2.74% to $ 45.92 a barrel by 5:42 p.m. CET.

The euro was 0.57% stronger compared to the U.S. dollar, and added 0.36% against the British pound. The European currency inched up 0.02% versus the Swiss franc and fell 0.09% against the Japanese yen by 5:50 p.m. CET.

 

Image: EPA / Ian Langdon

Breaking the News / ZR