TELETRADER News
8/17/2016, 5:55 PM (Source: TeleTrader)
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European stocks slide on earnings, Fed

Stock markets across Europe finished visibly lower on Wednesday as investors were trying to sift through earnings reports amid some economic data. There was a heightened expectation of the Federal Reserve minutes meeting in July as two Fed officials all but said that a rate hike was to come in September.

In Germany, the DAX index fell 1.30% with losses over 3% for E.ON and Deutsche Bank. Deutsche Börse and Adidas were the only gainers.

French CAC 40 index dipped 0.96% as ArcelorMittal weighed heavy with its 3.10% drop; Engie, SocGen and Veolia environment followed.

The FTSE 100 index was down 0.46% with more focus on earnings. Admiral Group sank 7.06% even after reporting 4% higher profit as it warned about Brexit effects. Miners lost over 2%.

The Italian FTSE MIB fell 1.39% as telecom Italia and Ferrari were the only gainers, while banks lost between 2% and 4%.

Carlsberg dropped 5.28% on unimpressive earnings, and ABN Amro added 2.52% with 7% rise in quarterly operating profits.

The pan-European Stoxx 600 was off 0.78%.

Breaking the News / ZR