European Shares Drop on Growth Worries In China and Earnings


European stocks slip amid earnings worries and concerns China's growth is slowing.

On Thursday, HSBC-Markit reported a surprise contraction in China's manufacturing sector.

Meanwhile, results from the US from companies such as Starbucks ( SBUX ) and McDonald's ( MCD ) were slightly disappointing.

In ADR news, Novartis ( NVS ) failed to win backing from a European advisory panel for its Serelaxin treatment for acute heart failure. It said it would request re-examination of its serelaxin treatment in acute heart failure for conditional marketing-authorization in the EU.

Syngenta AG ( SYT ) weakened after the National Grain & Feed Association and North American Export Grain Association asked the maker of crop chemicals to halt sales of two types of genetically modified corn seeds in the U.S. that have not been approved in China.

SAP ( SAP ) was cut to hold from buy at Berenberg.

Covidien (COV) said Q1 earnings less items rose to $1 from #0.97 a year ago. Sales climbed 2.8% to $2.64 billion. Analysts polled by Thomson Reuters recently expected per-share earnings of $0.94 on sales of $2.6 billion.

Nokia (NOK) was upgraded to buy from hold at Societe Generale.

Sanofi (SNY) was cut to neutral from buy at Citigroup.

The FTSE-100 was last down 1.62% at 6,663.74, the DAX down 2.48% at 9,392.02 and the CAC-40 down 2.79% at 4,161.47.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: MCD , NVS , SAP , SBUX , SYT

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