Second consecutive decline in European stocks
The European stocks fell today for the second straight day due to the decline in raw material producers. Contribute to negative feelings and disappointments for investors to forecast sales of AstraZeneca, which is better than expected performance of Nokia and Hennes & Mauritz failed to compensate. Pan-European index Dow Jones Stoxx 600 lost 1.1 percent to 244.61 points. From its peak this year, reported on 19 January, the index has lost over 6 per cent as announced by President Barack Obama’s plan to reduce the risk activities of banks and action by China to cool the economy. Major national indexes fell on 13 of the 18 western European markets. The French CAC 40 lost 1.9 percent to 3688.79 points, the British FTSE 100 fell by 1,4 per cent to 5145.74 points while the German DAX retreated by 1,8 per cent to 5540.33 points. Shares of ArcelorMittal and BHP Billiton retreated accordingly by 2,4 percent and 3,7 percent due to cheaper metals. Shares of British drug maker AstraZeneca lost 4,6 to even hundred forward Bloomberg.
At the opposite pole was Nokia with growth of 9.9 per cent, thanks to the company as technology stocks recorded the highest growth of industrial groups in the Dow Jones Stoxx 600. Shares of chain clothing stores H & M added 8.4 percent after the company reported better than expected earnings for the fourth quarter.
Tags: Barack Obama, decline, EUR USD, European stocks, Hennes & Mauritz, Nokia