Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

EUROPE MARKETS: Europe Stocks Fall On FOMC Minutes, PMIs

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/21/2013 | 12:58pm CEST

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- European stocks saw steep losses on Thursday, as euro-zone data disappointed a day after minutes from the U.S. Federal Reserve's latest meeting illustrated a split over the central bank's monetary-easing program.

The Stoxx Europe 600 index lost 1.2% to 285.66, with banks and mining firms posting some of the biggest declines.

"We have quite a few triggers for nervousness coming through today. You had a rise in the markets for a while and people were becoming more and more nervous and looking for the first crack, " said Justin Urquhart Stewart, co-founder of Seven Investment Management.

"Nothing fundamentally has changed. On the longer term, the economy is still healing, but markets were getting ahead of themselves and waiting for economic data to back it up. We had a wave of everyone thinking the glass was half full, but now that perception has changed," he said.

Shares of heavyweight miner BHP Billiton PLC (>> BHP Billiton Limited) shaved off 3.3%, after Citigroup cut the firm to neutral from buy, saying that positive catalysts such as capital-expenditure cuts and cost reductions are now priced in.

Shares of AXA SA gave up 2.2%, as the insurance firm reported a drop in 2012 profit.

Investors further trained their attention on the U.S., where minutes from the Federal Open Market Committee's January meeting released late Wednesday showed some members expressed concerns about the bank's $85 billion monthly asset purchases. Several members said the central bank should prepare to vary the pace of the quantitative-easing plan depending on the outlook. .

U.S. stocks fell sharply and retreated from multiyear highs after the report, with stock futures also indicating a lower open on Thursday. .

"We can expect markets to be a little bit more volatile from here. People will be nervous until they get clarification on the U.S. deficit, the Italian election, growth signals from Germany and if the U.K. will lose its triple-A credit rating," Urquhart Stewart said.

Back in Europe, preliminary readings of purchasing managers' indexes from the major economies stole the limelight. The preliminary composite purchasing-managers' index, or PMI, for the euro zone slumped to a two-month low of 47.3 in February, indicating the region's downturn steepened. Economists surveyed by Dow Jones Newswires had forecast a February reading of 48.5. .

The manufacturing PMI for Germany rose to 50.1, a 12-month high, while the same reading for France climbed to 43.6, marking a 2-month high. The French reading, however, missed expectations. A reading above 50 indicates expansion.

Germany's DAX 30 index sank 1.7% to 7,594.70, with Deutsche Bank AG (>> Deutsche Bank AG (USA)) down 3.6% and Commerzbank AG off 2.9%.

In France, Société Générale SA dropped 3.1%. The CAC 40 index erased 1.6% to 3,650.49.

U.K.'s FTSE 100 index lost 1.6% to 6,295.13. Shares of HSBC Holdings PLC (>> HSBC Holdings plc) fell 1.9%.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
10:24p DNB FINANCIAL : PA/ Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K)
10:24p WINNERS ANNOUNCED FOR DISTILLED : San Diego Spirit & Cocktail Competition
10:24p COLUMBUS MCKINNON : Declares Quarterly Dividend of $0.04 per Share
10:24p CISCO : UCS Spelunking. Exploring Cisco’s Splunk Community and Other News Bits
10:24p VULNERABILITY SPOTLIGHT : Certificate Validation Flaw in Apple macOS and iOS Identified and Patched
10:24p PPL : Labor Contract Ratified by IBEW Local 1600 Members
10:24pDJIndustrials Down on Trump-Agenda Doubts -- Industrials Roundup
10:24p SYNNEX CORP : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)
10:22p TRACON PHARMACEUTICALS, INC. : Other Events, Financial Statements and Exhibits (form 8-K)
10:22pDJMaterials Up on Weaker Dollar, But Steel Makers Weak -- Materials Roundup
Latest news
Advertisement
Hot News 
1.28%China's ICBC appoints former FDIC chief Bair as independent director
-4.31%Babcock agrees termination of UK nuclear decommissioning deal
2.78%OM ASSET MANAGEMENT : China's HNA Expands U.S. Business -- WSJ
-1.09%CHINA STATE FIRMS EYE LAND AROUND PANAMA CANAL : waterway authority
1.97%Hospital Stocks Rise Amid Broader Slump
Most Read News
09:29a Once golden, Robert Rubin's hedge fund proteges lose some luster
05:45aDJForeign Investors Flock to Iran as U.S. Firms Watch on the Sidelines
10:47a Toshiba wants Westinghouse to file for bankruptcy as early as Tuesday
03:20p Asset sales plan secures EU backing for $130 billion Dow, DuPont merger
10:47a Toshiba shares rise after report Westinghouse may file bankruptcy Tuesday
Most recommended articles
03:03p Dollar hits four-month low as Trump trade deflates
03/21 UK to investigate any UK banking involvement in 'Laundromat' case
04:21p UBS : names leaders in U.S., European wealth management product units
04:18p ELON MUSK : Wall Street Journal
04:16pDJNEWS HIGHLIGHTS : Top Energy News of the Day