European stocks declined after manufacturing activity in China
slowed in January.
A report over the weekend in China showed output slowed in
January to its lowest level in six months. The PMI index fell to
50.5 from 51, the National Bureau of Statistics and China
Federation of Logistics and Purchasing said. A separate report
today showed output from services industries also cooled last
Around the region, Markit Economics said British manufacturing
expanded in January at a slower pace than in December, missing the
median economist prediction.
The final numbers on the eurozone manufacturing sector for
January showed the recovery at factories broadened, with the
reading on Greece pointing to expansion for the first time since
August 2009. For the combined euro zone, the manufacturing PMI rose
to 54, signaling the fastest improvement since May 2011.
In the United States, the ISM manufacturing index dropped to
51.3 in January from 56.5 in December, hitting the lowest level
since May. Economists surveyed by MarketWatch had expected the
index to drop to 56.
In ADR news, Lloyds (
) said it set aside 1.8 billion pounds ($2.9 billion) in Q4 to
cover the cost of compensating customers for mis-sold payment
protection insurance. It also said it will not apply to the
Prudential Regulatory Authority to resume dividend payouts until
the second half of this year.
Ryanair Holdings Plc (
) said non-ticket sales, which include charges for reserved seating
and priority boarding, rose 13% in the quarter through December. It
also confirmed its full-year guidance, even as it swung to a loss
in its fiscal Q3.
Banco Bilbao Vizcaya Argentaria SA (
) was downgraded to hold from buy at Societe Generale SA, which its
earnings estimates for 2014 and 2015 because of the bank's reliance
on emerging markets for revenue.
Smith & Nephew (
)agreed to buy ArthroCare Corp. (
) for $1.7 billion, or $48.25 per share in cash.
Randgold Resources (GOLD) said it boosted gold production to a
record level in 2013.
The FTSE-100 was last down 0.69% at 6,465.66, the DAX down 1.29%
at 9,186.52 and the CAC-40 down 1.39% at 4,107.75.
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