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4-Traders Homepage  >  Equities  >  Euronext Amsterdam  >  Altice    ATC   NL0011333752

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Results drive sharp moves in European stocks as euro weighs

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01/11/2018 | 06:02pm CET
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

LONDON (Reuters) - European shares dipped on Thursday as a bond market sell-off and a stronger euro took the steam out of the breakneck New Year rally in equities.

Results drove the bulk of stock moves, with some disappointments weighing heavily.

The pan-European STOXX 600 <.STOXX> and euro zone equities <.STOXXE> ended the session 0.3 percent lower, extending sharp losses in the previous session when jitters over a report that China was considering slowing purchases of U.S. Treasury bonds spilled over into stocks.

A Chinese regulator on Thursday said the report might be "fake".

While the STOXX was roughly flat for most of the morning session, the index dipped followed the release of minutes from the European Central Bank's December meeting showing that the ECB should revisit its policy message in early 2018.

"This is sooner than we had assumed and might mean that (the ECB) it will end its asset purchases in September rather than tapering over the last few months of the year," economists at Capital Economics said in a note.

The euro's rise following the ECB release put pressure on Euro zone indexes with Germany's DAX <.GDAXI> closing 0.6 percent lower, while bond yields also rose.

Britain's FTSE 100 <.FTSE>, meanwhile, touched a fresh record and ended 0.2 percent higher.

UK retailers Tesco (>> Tesco PLC) and Marks & Spencer (>> Marks and Spencer Group Plc) were among the biggest European fallers, however, after their Christmas trading updates disappointed, with consumers cutting down on non-essential items.

Europe's retail sector <.SXRP> fell 1.3 percent, while bank stocks <.SX7P>, which had jumped on Wednesday as bond yields surged, extended gains to end 0.4 percent higher.

Danish jewellery firm Pandora (>> PANDORA A/S) dropped nearly 11 percent after the company said it expected profit margins to fall in the next few years and reported 2017 revenue below expectations.

Hexagon (>> Hexagon AB) jumped up 5.8 percent after its CEO was cleared of insider trading charges.

While it is too early in the season to fully determine what impact results are having, investors said earnings will be under particular scrutiny this year as the market hopes for another year of earnings growth.

"You didn't really have any earnings growth coming through since the euro zone crisis, it was a kind of Groundhog Day every year, but 2017 was a break from that effect," said Nick Davis, European income fund manager at Polar Capital.

"The earnings season will be quite important. If Europe can continue demonstrating earnings growth at index level as an asset class it will be very attractive."

In other big moves, the restructuring French telecoms and cable firm Altice (>> Altice) tumbled 6.7 percent, extending Wednesday's slide, after its U.S. unit announced a $500 million junk bond sale.

(Graphic for Jan 11 Europe, euro zone, US earnings growth chart, click http://reut.rs/2CRvRuS)

(Reporting by Helen Reid and Kit Rees; editing by Mark Heinrich)

By Helen Reid and Kit Rees

Stocks mentioned in the article
ChangeLast1st jan.
DAX -1.77% 11886.31 Delayed Quote.-7.98%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
GREENE KING 0.56% 469.8 Delayed Quote.-15.35%
HEXAGON -0.54% 480.3 Delayed Quote.16.89%
MARKS & SPENCER GROUP 1.17% 268.4 Delayed Quote.-14.74%
PANDORA 6.31% 646.8 Delayed Quote.-4.25%
STOXX EUR 600(P)-EUR -0.90% 365.82 End-of-day quote.-6.00%
TESCO 0.15% 202.9 Delayed Quote.-3.03%
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Financials (€)
Sales 2018 22 556 M
EBIT 2018 3 224 M
Net income 2018 112 M
Debt 2018 48 965 M
Yield 2018 0,58%
P/E ratio 2018 -
P/E ratio 2019 20,21
EV / Sales 2018 2,69x
EV / Sales 2019 2,57x
Capitalization 11 675 M
Duration : Period :
Altice Technical Analysis Chart | ATC | NL0011333752 | 4-Traders
Technical analysis trends ALTICE
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 13,2 €
Spread / Average Target 84%
EPS Revisions
Dexter G. Goei Chief Executive Officer & Director
Patrick Drahi President
Jurgen van Breukelen Chairman
Dennis Okhuijsen Chief Financial Officer & Executive Director
Bruno Zerbib Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
ALTICE-17.43%14 422
TELEFONICA-3.59%49 942
ORANGE-6.36%44 539