European stocks retreated after weak purchasing managers data
out of China.
HSBC's Flash January Purchasing Managers' Index (PMI) for China
came in at 49.6, down from last month's final reading of 50.5 and
at a six-month low.
Fears of a slowdown in China overshadowed more upbeat data in
Europe. Data firm Markit said its preliminary composite PMI in the
eurozone rose to 53.2 in January from 52.1 in December, signaling
the most rapid expansion since June 2011 and beating
Business activity in Germany expanded at the most rapid pace in
just over 21/2 years, but fell in France for the third straight
In other news, Spain's unemployment rate was unchanged at 26% in
Q413, after declining for two consecutive quarters. In the
Netherlands, the jobless rate rose to 8.5% in December from 8.2% in
Italy's trade surplus with countries outside the EU surged last
year, to EUR20 billion ($27 billion) from EUR800 million in
The eurozone current account balance increased in adjusted terms
to a surplus of EUR23.5 billion, compared with an upwardly-revised
EUR22.2 billion surplus in October. In the 12 months ending in
November, the cumulative current account surplus equaled 2.3% of
GDP compared with 1.2% of GDP one year earlier.
U.K. car production rose 3.1% last year to its highest level
In ADR news, Logitech International SA (
) said sales rose to $628 million in the three months ending Dec.
31, exceeding the average analyst estimate for a drop to $594.7
million. Net income climbed to $48.5 million, more than the $31
million projected by analysts. LOGI also increased its
operating-income forecast to as much as $125 million for its full
financial year, compared with $100 million previously.
Delhaize Group SA (
) said revenue rose in Q4, and it will continue to cut costs in
) said Q4 revenue at the Solutions & Networks unit, which
accounts for 90% of the "new" NOK sales without the handset unit,
dropped 22%. NOK is in the process of selling its handset unit to
The FTSE-100 was last down 0.78% at 6,773.28, the DAX down 0.92%
at 9,631.04 and the CAC-40 down 1.02% at 4,280.96.
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