European Shares Mostly Slip After ECB Rate Cut

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European stocks mostly decline after the European Central Bank lowered its benchmark interest rate to 0.25% from 0.5%.

The ECB expects key interest rates to remain at the current level or lower for an extended period of time, President Mario Draghi said at a press conference.

In other news around the region, Bank of England left rates at a record low 0.5%, as expected. It also left quantitative easing unchanged at 375 billion pounds.

Germany's industrial output in September fell 0.9% on the month versus a 1.6% increase in August and compared with economists' forecasts for a 0.3% decline.

Spain's industrial output climbed 1.4% on the year, adjusted for calendar effects. In August, industrial output fell 2.1% from August 2012.

In the United States, Q3 GDP rose at a 2.8% annualized rate after a 2.5% gain the prior three months, beating the median forecast of economists surveyed by Bloomberg for a 2% advance. That fueled expectations the Fed will begin tapering sooner rather than later.

In ADR news, CGG ( CGG ) cut its full-year sales target due to weak demand for its seismic equipment.

Siemens ( SI ) announced a small rise in Q4 revenue and said it expected growth to pick up in 2014. Profit dipped but the company also announced a share buyback.

Delhaize ( DEG ) reported a Q3 net loss of 87 million euros ($117.4 million), compared with a 189 million net profit in the year-ago period. Revenue fell 0.5% to EUR5.34 billion, from EUR5.37 billion in the same period last year. It said it still expects 2013 underlying operating profit of at least EUR755 million at identical exchange rates compared to EUR785 million in 2012

ArcelorMittal ( MT ) said EBITDA rose to $1.71 billion in Q3, beating the $1.53 billion average analyst forecast. Full-year earnings will exceed $6.5 billion, the company said.

The FTSE-100 was last down 0.66% at 6,697.22, the DAX up 0.44% at 9,081.03 and the CAC-40 down 0.14% at 4,280.99.



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This article appears in: Investing , Commodities

Referenced Stocks: CGG , DEG , MT , SI

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