EUROPE MARKETS: European Stocks Under Pressure As BASF, RBS Drop
February 24 2017 - 5:53AM
Dow Jones News
By Carla Mozee, MarketWatch
Vivendi chairman under investigation in Italy, reports say
Stocks in Europe fell Friday, with Royal Bank of Scotland PLC
and BASF AG dragged lower after financial results, leaving the
market to lose some altitude after hitting 14-month highs this
week.
The Stoxx Europe 600 fell 0.4% to 371.49, led by losses among
basic materials, oil and gas and financial stocks. The index on
Thursday slipped 0.1%.
The pan-European benchmark was still on track for a rise of 0.4%
for the week during which its hit its strongest levels since
December 2015. Investors on Friday appeared to be looking ahead to
next week, with risk events to include a speech by Federal Reserve
Chairwoman Janet Yellen and U.S. President Donald Trump's
appearance in a joint session before Congress.
(http://projects.marketwatch.com/2017/trump-today-signup/)
Movers: Vivendi SA shares dropped 5.9% following reports that
Italian prosecutors have opened an investigation of Chairman
Vincent Bollore over alleged market manipulation over the media
company's accumulation of a stake in Italian broadcaster Mediaset
(MS.MI) . Mediaset shares were down 1.4%.
BASF shares (BAS.XE) fell 2.6% after the German chemicals
heavyweight said it's "cautiously optimistic for 2017". The company
posted a rise in fourth-quarter net profit of 689 million euros
(http://www.marketwatch.com/story/basf-profit-doubles-lifted-by-chemicals-business-2017-02-24)
($728.84 million), above expectations of EUR624 million.
Royal Bank of Scotland PLC (RBS.LN) (RBS.LN) fell 3.8% after the
70% U.K.-owned lender said its annual net loss more than tripled to
6.96 billion pounds
(http://www.marketwatch.com/story/rbs-loss-slumps-to-87-billion-on-conduct-charges-2017-02-24)
($8.73 billion), after it put aside billions of pounds to cover
conduct issues.
Shares of British Airways parent International Consolidated
Airlines PLC (IAG.LN) (IAG.LN) rose 2.1% after the group posted a
29% rise in net profit and announced a EUR500 million share buyback
(http://www.marketwatch.com/story/iag-profit-rises-29-to-launch-share-buyback-2017-02-24)
($529.7 million), in a sign of improving profitability.
Indexes: Germany's DAX 30 fell 0.3% to 11,912.91 and France's
CAC 40 lost 0.6% at 4,864.01. The U.K.'s FTSE 100 declined 0.2% to
7,256.70
(http://www.marketwatch.com/story/ftse-100-loses-ground-as-rbs-leads-banks-lower-2017-02-24).
In the currency market, the euro fetched $1.0596, up from
$1.0590 late Thursday in New York.
(END) Dow Jones Newswires
February 24, 2017 05:38 ET (10:38 GMT)
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