European Shares Fall In Line With Asia as Global Economic Worries Continue

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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 economies.

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 ( ARMH ) 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.

BP ( BP ) said Q4 net profit fell 30%, hurt by lower refining margins and lost income from assets it has sold off.

UBS ( UBS ) 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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This article appears in: Investing , Commodities

Referenced Stocks: ARMH , BP , UBS

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