19th Apr 2018 17:07
BRUSSELS/FRANKFURT/PARIS (Alliance News) - The European markets were stuck in a sideways trend throughout Thursday's session and ended the day with mixed results.
Traders sifted through a large number of corporate earnings both at home and in the US. Investors are also keeping a close eye on the spring meetings of both the IMF and the World Bank, which kicked off today in Washington.
The pan-European Stoxx Europe 600 index weakened by 0.00%. The Euro Stoxx 50 index of eurozone bluechip stocks decreased 0.12%, while the Stoxx Europe 50 index, which includes some major UK companies, lost 0.26%.
The DAX of Germany dropped 0.19%, but the CAC 40 of France rose 0.21%. The FTSE 100 of the UK gained 0.16% and the SMI of Switzerland finished higher by 0.01%.
In Frankfurt, GEA Group jumped 3.32%. The company said that it is seeking to appoint a new Chief Executive Officer and a Chief Financial Officer in the near future to ensure an orderly overall transition of leadership.
MorphoSys declined 1.39% after announcing the pricing of its American Depository shares.
In Paris, advertising group Publicis soared 7.37% after its first quarter revenue growth topped forecasts.
Schneider Electric rallied 1.81% after reaffirming its full year objectives. In London, Shire leaped 5.89% after it rejected a takeover offer from Takeda Pharmaceuticals.
Unilever dropped 2.17% after its first quarter revenue fell over 5% due to adverse currency movements.
Department store group Debenhams sank 5.66%. The company lowered expectations for annual profits after reporting another slide in sales and profits.
Engineering firm Weir Group jumped 6.23%. The company has unveiled plans to acquire US competitor Esco Corp. after reporting first quarter revenues in line with expectations.
Acacia Mining plunged 13.21% after its first-quarter revenue fell 33%.
Engineering firm ABB jumped 4.56% in Zurich after its first quarter profit topped forecasts.
Drug major Novartis dropped 1.93% after a sharp slump in sales by its US generics unit.
Nutrition, health and wellness giant Nestle rose 0.21% after confirming its 2018 guidance.
UK retail sales declined more-than-expected in March on unusually cold and adverse weather, official data revealed Thursday. Retail sales including auto fuel, dropped 1.2% month-on-month in March, in contrast to a 0.8% rise in February, the Office for National Statistics reported. Sales were forecast to fall 0.6%.
A report released by the Labor Department on Thursday showed a modest decrease in first-time claims for US unemployment benefits in the week ended April 14th. The report said initial jobless claims edged down to 232,000, a decrease of 1,000 from the previous week's unrevised level of 233,000. Economists had expected jobless claims to dip to 230,000.
Philadelphia-area manufacturing activity unexpectedly saw a modestly faster rate of growth in the month of April, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current general activity inched up to 23.2 in April from 22.3 in March, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to dip to 20.1.
A report released by the Conference Board on Thursday showed its index of leading US economic indicators increased in line with economist estimates in the month of March. The Conference Board said its leading economic index rose by 0.3% in March after climbing by an upwardly revised 0.7% in February.
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