European Stocks Put The Skids On a Winning Streak, But Banks Are Up
European stocks are barely budging Wednesday as investors take a breather from a string of wins that have brought the Stoxx Europe 600 close to a four-year high.
European stock markets struggled to get traction on Wednesday, after a string of wins, but some results were moving shares of a big French bank and a Dutch retailer.
European stock markets slipped Wednesday, on the heels of a three-session winning streak that pushed the region’s main index close to its best level in four years.
After closing up 0.2% to 4040.23 on Tuesday, the Stoxx Europe 600 index was flat at 403.94. That tracks U.S. stock futures, which were flat. The German DAX 30 index was also flat at 13,144.15, while the French CAC 40 was steady at 5,847.88. The FTSE 100 index slipped 0.1% to 7,376.42.
Sectors on the move included banks, underpinned by Société Générale, which reported a slip in third-quarter profit, but strength in a key measure of capital strength—the core tier 1 ratio. The French bank’s shares rose over 4%. Meanwhile, shares of German sportswear maker Adidas slid 2.4% on its results.
Shares of Royal Ahold Delhaize climbed 3.7% after the Dutch food retailer reported a 2.9% rise in third-quarter net sales.
Economic data from Germany showed factory orders rising in September after two straight monthly declines. The final composite purchasing managers index for the euro area showed the region remained “close to stagnation” in October, according to IHS Markit.
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