European stocks mostly dropped, in line with Asia, after weak
manufacturing data in the United States on Monday.
The weak data came off the heels of a report over the weekend
showing a manufacturing slowdown in China. The two, together,
sparked fears of an economic slowdown in the world's two largest
Around the region, eurozone PPI rose 0.2% from November, but
were 0.8% lower than in December 2012. Prices had fallen in both
October and November, by 0.5% and 0.1%, respectively.
December total plant and machinery orders in Germany fell 6% on
the year in inflation-adjusted terms, reversing the 7% rise booked
in the previous month. In December, domestic orders were down 10%
on the year, while foreign orders fell 4%.
People applying for jobless benefits in Spain increased by
113,097 to 4.8 million. Correcting for seasonal effects, however,
the number fell by 3,907. That makes January the sixth consecutive
month with such a drop, and also marks the first six consecutive
declines since 2007.
In ADR news, ARM Holdings (
) swung to a loss on higher operating costs. However, the company
said it has a strong order backlog and posted higher revenue,
lifted by global smartphone demand.
) said Q4 net profit fell 30%, hurt by lower refining margins and
lost income from assets it has sold off.
) reported profit that topped analysts estimates. It posted Q4 net
profit of 917 million Swiss francs ($1 billion) compared with a
loss of roughly 1.9 billion francs a year earlier. Its core wealth
management business drew in net new money of 5.8 billion francs,
more than twice the amount in the same period a year earlier.
The FTSE-100 was last down 0.25% at 6,449.27, the DAX down 0.64%
at 9,127.91 and the CAC-40 up 0.24% at 4,117.45.
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