By RTT News, September 12, 2013, 07:24:00 AM EDT
(RTTNews.com) - The European markets are trading lower on Thursday, after Eurozone industrial production declined at a faster-than-expected pace in July.
Eurozone industrial production declined at a faster-than-expected pace in July driven by widespread weakness across sub-sectors, Eurostat showed. Industrial output fell 1.5 percent in July from a month ago, reversing a 0.6 percent rise in June, while it was forecast to fall 0.3 percent.
German wholesale prices decreased the most in nearly four years in August after holding steady in July, data from the Federal Statistical Office revealed. Meanwhile, French EU harmonized inflation slowed in August to 1 percent from 1.2 percent in July, Insee said.
The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.21 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is falling 0.11 percent.
The German DAX is losing 0.1 percent and the UK's FTSE 100 is falling less than one-tenth of a percent. The French CAC 40 and Switzerland's SMI are down around 0.4 percent each.
In Frankfurt, RWE is losing 1.6 percent after a report emerged that the utility's chief executive may suggest lower annual dividend compared to last year. Citigroup cut the stock to ''Sell'' from ''Neutral.''
Tire firm Continental and carmaker BMW are losing notably.
In Paris, EDF is losing 3 percent after its second-largest shareholder Norges Bank reportedly sold 13 million shares.
Vallourec is falling 2.7 percent and Renault is losing 2.3 percent.
Schneider Electric is modestly down. Citigroup raised the stock to ''Neutral'' from ''Sell.''
In London, Melrose Industries is falling 3.1 percent. The stock was cut to ''Neutral'' from ''Buy'' at Citigroup.
Dialight is plunging 16 percent. The company said delay in contract awards for Obstruction Systems business is likely to negatively impact its expectations for 2013.
Kentz is dropping 11 percent after Amec withdrew from making a formal takeover offer.
Home Retail, which reported second-quarter sales, is gaining 3.3 percent.
Wm. Morrison Supermarkets reported lower first-half profit, but said it expects an improvement in second-half sales performance.
Next, which reported first-half results, is up 0.1 percent. The stock is up around 3 percent.
Richemont, which issued sales data, is losing 3.6 percent in Zurich.
ASML is up 2.1 percent in Amsterdam after a positive broker recommendation at Goldman Sachs.
Across Asia/Pacific, stocks ended broadly higher even as some weak economic data out of Japan saw the Nikkei 225 index close below the unchanged line.
In the U.S., futures point to a cautious open on Wall Street, ahead of reports on jobless claims and import and export prices.
In the previous session, stocks ended mixed after President Barack Obama delayed a call on military action against Syria. The Dow rose 0.9 percent and the S&P 500 added 0.3 percent, but the Nasdaq slid 0.1 percent as a sharp slide in Apple shares on broker downgrades weighed on tech stocks.
In the commodity space, crude for October delivery is adding $0.21 to $107.77 per barrel while December gold is falling $20.5 to $1343.3 a troy ounce.
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