European Markets Fall, ArcelorMittal Drops On Outlook Cut

By RTT News, 

( - The European markets are a sea of red on Friday, amid a global sell-off, impacted by geo-political concerns and unimpressive corporate news, ahead of some key data from the world's largest economy.

In economic news, Eurozone manufacturing activity growth remained stable at June's seven-month low, final data from Markit Economics showed. The final seasonally adjusted manufacturing Purchasing Managers' Index came in at 51.8 in July, unchanged from June. The flash score for July was 51.9.

U.K 's manufacturing activity expanded at a slower than expected rate in July as growth in output and new orders slowed, the results of a survey by Markit Economics and the Chartered Institute of Purchasing and Logistics, or CIPS, showed.

Meanwhile, the manufacturing sector in China expanded at an accelerated pace in July, the latest PMI from HSBC and Markit Economics revealed - coming in with an 18-month high score of 51.7. That's actually lower than last week's flash estimate score of 52, which is what analysts were expecting.

The Euro Stoxx 50 index of eurozone bluechip stocks is declining 1.37 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is dropping 1.16 percent.

The German DAX is declining 2.2 percent. The French CAC 40 and the UK's FTSE 100 are dropping 1.3 percent each, while Switzerland's SMI is down 1 percent.

In Frankfurt, Adidas is declining 4 percent, following negative broker recommendations.

Deutsche Post and HeidelbergCement are dropping 3.5 percent each.

Basf and Commerzbank are losing 3.2 percent and 3 percent, respectively.

On the CAC 40, Alcatel Lucent, which reported financial results on Thursday, is declining around 7 percent.

ArcelorMittal is declining 6.6 percent. The steel giant cut its profit forecast for the year, citing lower-than-expected prices.

Builder Vinci, which reported first-half results, is falling 6.5 percent. Peer Bouygues is falling 4.3 percent.

Iliad is declining 7.3 percent, after confirming its interest in T-Mobile US.

Chemical products maker Arkema is plunging 23 percent. The firm said its second-quarter performance was below expectations due to lower than expected volumes in acrylics as well as a number of specific elements in polyamides. The company now expects to achieve its mid-term targets in 2017, and not in 2016 as planned.

Societe Generale, which reported quarterly results, is losing 2.7 percent.

Meanwhile, Axa is gaining 1.2 percent. The insurer reported increased first-half profit.

In London, United Utilities is losing 3.4 percent and Schroders is falling 3.1 percent.

Hedge-fund operator Man Group reported a decline in first-half profit, as revenues fell from last year. The stock is falling over 5 percent.

Rexam is gaining moderately. The beverage can maker reported higher first-half profit, despite 5 percent decrease in sales. The board also declared a higher interim dividend.

Smith & Nephew is up 1.3 percent. The firm issued a confident full year outlook.

Belgium-based telecommunication services provider Belgacom, which reported second-quarter results, is gaining 6.6 percent.

The Asian stocks fell across the board, joining a global sell-off, as fresh concerns about the state of the credit markets and lingering geopolitical worries weighed on investors' risk appetite.

In the U.S., futures point to a lower open on Wall Street, ahead of the reports on personal income and spending, manufacturing activity and construction spending along with the all-important jobs report later in the day.

In the previous session, the U.S. markets saw broad sell-off overnight attributed to a range of factors. The Dow tumbled 1.9 percent, the tech-heavy Nasdaq dropped 2.1 percent and the S&P 500 shed 2 percent.

Crude for September delivery is falling $0.86 to $97.31 per barrel, while gold is gaining $2.6 at $1285.4 a troy ounce.

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This article appears in: News Headlines

Referenced Stocks: ADDYY , ALU , ARKAY , BGAOY , CRZBY

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