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
) and McDonald's (
) were slightly disappointing.
In ADR news, Novartis (
) 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 (
) 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.
) 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
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.
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