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European Stocks Slide on Tuesday Amid Earnings Releases, Led by Telecoms, Financials, Luxury Retailers


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European stocks slipped on Tuesday amid a spate of earnings releases, led by telecommunications stocks, financials and luxury-goods retailers, while miners and leisure and travel shares advanced.

In economic news, the Organization for Economic Cooperation and Development (OECD) reported that the unemployment rate in the euro area was stable at 8.7% in December but declined by 0.3 percentage point in Portugal (to 7.8%) and by 0.2 percentage point in Ireland (to 6.2%), Slovenia (to 6.2%) and Spain (to 16.4%).

In the UK, consumer prices index ( CPI ) was 3% in January, holding at the same level as in December, the Office for National Statistics ( ONS ) said on Tuesday. Economists in an investing.com poll expected a drop in the annual inflation rate to 2.9%.

Meanwhile, the headline rate of inflation for producer prices in the UK rose 2.8% on the year to January, down from 3.3% in December. Prices for materials and fuels (input prices) rose 4.7% on the year to January 2018, down from 5.4% in December 2017.

The ONS also reported that average house prices in the UK have increased by 5.2% in the year to December 2017, up from 5.0% in November 2017. The annual growth rate has slowed since mid-2016 but has remained broadly around 5% during 2017.

And in France, private payroll employment in Q4 of 2017 rose 0.3%, or by 53,300 jobs, after gaining 49,600 in Q3 of 2017, according to the Institute for Statistics and Economic Studies (INSEE). Year on year, private payroll employment increased by 1.3%, or 253,500 jobs. Excluding temporary employment, it increased 0.2% over the quarter (45,200 jobs) and by 1.1% over the year (208,000 jobs).

In equities, the pan-European STOXX 600 index, Europe's benchmark stock index, declined 0.63%.

In London, on the FTSE 100, miners Anglo American gained 1.7% and Glencore gained 2.5% as metals prices increased. United Utilities dropped 3.1% and financial services firm Hargreaves Lansdown fell 2.6%.

In Frankfurt on the DAX, energy company EON declined 1.7% and chipmaker Infineon dropped 1.6%. Deutsche Telekom dropped 1.6%. Airline operator Lufthansa was the best performer, gaining 1.4%.

In Paris, Gucci owner Kering declined 4% and its rival LVMH fell 1.9%. Auto parts maker Michelin dropped 2.1%, while Advertising and media company Publicis gained 3.8%.

The FTSE closed down 0.13% and the DAX declined 0.70%. The CAC 40 fell 0.60%.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Stocks , ETFs
Referenced Symbols: CPI , ONS , DAX


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