By Carla Mozee, MarketWatch Stoxx Europe 600 pushes out small
weekly rise
LONDON (MarketWatch)--European stocks slipped Friday as
investors assessed a round of economic growth data from the
eurozone, but the benchmark Stoxx Europe 600 managed to eke out a
minor gain for the week.
Gross domestic product figures from the eurozone confirmed
sluggish activity for the 18-member region in the third quarter,
growing by 0.2% quarter-on-quarter, according to the European
Union's statistics office. The figure was slightly better than
expected.
Germany registered growth of 0.1% in the third quarter, allowing
the largest economy in the eurozone to dodge recession, while
French GDP expanded 0.3%, coming after a slight contraction in the
second quarter. But Italy's GDP contracted 0.1% in the third
quarter. On more upbeat notes, Spain's GDP grew 0.5% and Greece
posted growth of 0.7%, marking an end to its recession.
The headline eurozone growth figure provided "welcome news that
fears of a renewed recession look exaggerated. However, the data
will diminish hopes that the European Central Bank will feel the
need to take further action to stimulate growth," said Chris
Williamson, chief economist at Markit, in a Friday note.
Markets: The euro (EURUSD) lost ground after the eurozone data
but later recovered traded around $1.2492 versus $1.2475 late
Thursday.
The Stoxx Europe 600 ended down 0.1% at 335.63, but the move
left the index up a modest 0.1% for the week.
Crude-oil futures (CLZ4)rose intraday, aiding shares of oil
companies, though oil prices still traded around four-year lows.
The battering of oil prices may persist into the first half of 2015
unless global output is cut, the International Energy Agency said
Friday.
Tullow Oil pared its loss to less than 0.1%, Cairn Energy PLC
turned higher for a 2.6% advance and BP PLC (BP) reversed course to
end up 0.4%.
Mining stocks mostly had a rough session, with recent losses
stemming from pressure on dollar-denominated metals prices as the
U.S. dollar rose against major rivals. Randgold Resources PLC ended
up 1.6%, but Anglo American PLC fell 0.4%, BHP Billiton PLC (BHP)
lost 0.3% and Rio Tinto PLC (RIO) slipped 0.2%, paring losses.
Among country indexes, Germany's DAX 30 index logged a
turnaround, ending up 0.1% at 9,252.94. France's CAC 40 index rose
0.4% to 4,202.46, and the U.K.'s FTSE 100 rose 0.3% to
6,654.37.
You're invited: A free evening event focusing on investing
opportunities in Europe
Will you be in London on Dec. 3? Then you're invited to our
MarketWatch Investing Insights event, "The worse Europe gets, the
more you should invest."
Governments are in trouble, reform efforts have stalled,
unemployment is climbing. the news from the eurozone is bleak. And
investors are fleeing. But that's a mistake: The worse the economic
data from Europe get, the more you should be buying. Why? Because
actions by the ECB will boost asset prices and the stock market in
particular. And, big exporters can grow sales. Lower costs and
steady sales translate into higher profits and dividends. Join us
for an evening of cocktails and conversation to explore these
opportunities.
Our panel will be led by MarketWatch Columnist Matthew Lynn, a
renowned financial journalist based in London and the author of
"Bust: Greece, the euro and the Sovereign Debt Crisis." He'll be
joined by Mark Hulbert, MarketWatch columnist and editor of the
Hulbert Financial Digest. This event is free, but RSVPs are
required. It will be held Wednesday evening, Dec. 3, in London. For
more information or to RSVP, send an email to
marketwatchevent@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires