European Stocks Remain Heavy
European stocks remained heavy, with the pan-region Stoxx 600 near the three-week low seen earlier with a 0.8% decline, and was down by 4.5% on a week-to-week basis. Investors have been discouraged today by a mixed bag of earnings from corporates. World number one container shipper Maersk (Denmark) missed profit estimates due to low freight rates, although it still maintained its full year guidance. Profit at world number one brewer AB InBev (Belgium) fell short of forecasts, and while supermarket chain Sainsbury (UK) reported earnings above analyst expectations, it warned of a "competitive, deflationary environment." The March Bund future was recently trading at 162.86, which was 17 ticks below yesterday's closing level and remained comfortably above the intraday low at 162.67.
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