EUROPE MARKETS: European Stocks Flat, But On Track For Third Straight Down Week
17 August 2018 - 6:11PM
Dow Jones News
By Ryan Vlastelica
July CPI data is ahead
European stocks were little changed on Friday, suggesting that
investors were finding few reasons to buy going into the weekend,
particularly after an extended period of weakness.
Major European indexes are poised for weekly losses, with some
gauges set for their third straight down week. U.K. stocks are on
track for their worst week in months.
Where are the major benchmarks trading?
The Stoxx Europe 600 rose less than 0.1% to 381.69.
For the week, the index is down 1.2% and on track for its third
straight negative week. The recent losses, which include the
pan-European gauge's biggest one-day fall
(http://www.marketwatch.com/story/european-stocks-inch-higher-as-turkish-lira-extends-rebound-2018-08-15)
since June 25 on Wednesday, have come on concerns over Turkey's
currency crisis, as well as weak commodity prices.
Germany's DAX 30 dipped less than 0.1% to 12,231.
The DAX is also poised for its third straight down week, its
longest stretch since February. As of Thursday's close, it is down
1.5% for the week.
France's CAC 40 TKTK. It is down 1.2% on the week, its first
three-week decline since June.
The U.K.'s FTSE 100 was unchanged at 7,448.
(http://www.marketwatch.com/story/uk-stocks-gain-in-rebound-from-previous-sessions-drop-2018-08-16)The
FTSE is down 1.4% thus far this week, its biggest weekly decline
since March. On Thursday, the index rose and put end to its longest
streak of daily declines since February
(http://www.marketwatch.com/story/uk-stocks-gain-in-rebound-from-previous-sessions-drop-2018-08-16).
The euro rose slightly against the dollar, changing hands at
$1.1391, compared with $1.1378 late Thursday in New York. Thus far
this year, the euro is down more than 5% against the buck.
What is driving the market?
Recent trading has been driven by the currency crisis in Turkey,
as well as uncertainty regarding trade policy with respect to the
United States and its major trading partners. Both issues will
likely continue to dictate market sentiment, and while there were
few developments in either issue overnight, they have recently
shown some signs of stability.
On Thursday, it was reported
(http://www.marketwatch.com/story/china-says-it-will-resume-trade-talks-with-us-2018-08-16)that
the Chinese Commerce Ministry would send a delegation to the U.S.
later this month to resume trade talks, the first such meeting
since July. Separately, the Turkish lira rose for a fourth straight
session against the dollar on Friday, suggesting the recent
all-time low could represent at least a near-term bottom. The lira
has gained nearly 11% against the buck over the course of the week,
though it remains down more than 15% over the month of August.
European investors are looking ahead to a reading on July
consumer prices. Analysts expect the consumer price index to be up
2.1% in the month, while core CPI rises 1.1%.
What stocks are in focus?
A.P. Moeller-Maersk A/S (MAERSK-B.KO) rose 3.1% after it
reported its second-quarter results and said it would seek a
separate listing for its drilling unit next year
(http://www.marketwatch.com/story/maersk-seeks-listing-for-drilling-unit-shares-up-2018-08-17).
Rovio Entertainment Oyj (ROVIO.HE) , the developer behind the
mobile game "Angry Birds," rose 3.7% after it reported a drop in
its second-quarter earnings but stood by its full-year outlook
(http://www.marketwatch.com/story/rovio-shares-rise-after-results-outlook-2018-08-17).
Royal Bank of Scotland Group PLC (RBS.LN) said that Ewen
Stevenson, the firm's chief financial officer, would be stepping
down on Sept. 30
(http://www.marketwatch.com/story/rbs-cfo-to-leave-sept-30-names-interim-cfo-2018-08-17).
Katie Murray, its deputy chief financial officer, will take over
the role on an interim basis while a search for a permanent
successor is performed. Shares rose 0.3%.
Koninklijke Vopak N.V. (VPK.AE) fell 4.4% after it reported a
drop in its second-quarter earnings and revenue
(http://www.marketwatch.com/story/vopak-reports-drop-in-q2-earnings-2018-08-17).
(END) Dow Jones Newswires
August 17, 2018 03:56 ET (07:56 GMT)
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