European Stocks Fall on Earnings Season Nerves
April 12 2016 - 4:40AM
Dow Jones News
European stocks edged lower Tuesday as investors grew cautious
about what is expected to be a grim first-quarter earnings
season.
The Stoxx Europe 600 inched down 0.4% in early trade after Wall
Street fell late in the session. Shares in LVMH Moë t Hennessy
Louis Vuitton SE were down over 3% after the company reported
weaker than expected sales figures. Meanwhile, shares of aluminum
maker Alcoa, which unofficially kicked off the U.S. corporate
earnings season late Monday, fell in after-hours trading after it
said its first-quarter earnings declined 92% and lowered its
outlook for 2016. Major U.S. financial institutions begin reporting
results Wednesday.
Keeping losses in check, however, firmer oil and copper prices
lifted shares of mining and energy companies on Tuesday. European
banks also saw a boost after the Italian government moved ahead
with a privately funded investment vehicle to reduce the bad loans
afflicting the country's banks and help recapitalize weaker
lenders. Shares in Banca Monte dei Paschi di Siena SpA were up over
4%.
Earlier, shares in Japan saw their biggest one-day gain in
nearly a month as the yen weakened against the dollar, boosting
shares of exporters. The dollar was last up 0.5% against the yen at
¥ 108.3890 after falling for seven consecutive sessions. Shares in
Hong Kong and Australia also edged higher, although stocks in
Shanghai fell slightly as investors grew nervous ahead of a fresh
batch of initial public offerings.
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
April 12, 2016 04:25 ET (08:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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