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
02:07p Today's Research Reports on First Quantum Minerals, Ivanhoe Mines, Taseko Mines and Western Copper and Gold
02:06p UNITED CONTINENTAL HOLDINGS INC : Today's Research Reports on Stocks to Watch: American Airlines and United Continental Holdings
02:06p Creating the Center Store of the future
02:05p REPLIGEN CORPORATION (NASDAQ : RGEN) Files An 8-K Entry into a Material Definitive Agreement
02:05p WHOLE FOODS MARKET : EnsembleIQ Media Titles Add Insights on Amazon, Whole Foods and the 'New World of Supermarketing'
02:05p IEG HOLDINGS CORPORATION (OTCMKTS : IEGH) Files An 8-K Regulation FD Disclosure
02:05p Global Soy Food Market 2017-2021 with Archer Daniels Midland, Cargill, Hain Celestial & Whitewave Foods Dominating - Research and Markets
02:04p BIOGEN : IMRALDI®, an Adalimumab Biosimilar Candidate Referencing Humira®, Granted Positive Opinion by Committee for Medicinal Products for Human Use
02:04p DUNEDIN SMALLER INVESTMENT : Cos Inv Tst PLC - Net Asset Value(s)
02:04p LEONARDO : deposito documentazione
Latest news
Advertisement
Hot News 
12.87%IMAGINATION TECHNOLOGIES : U.K. Chip Designer Puts Itself on Block -- WSJ
-1.15%VOLKSWAGEN : VW waives appeal against German dieselgate compensation cases
-1.40%FTSE struggles one year on from Brexit, haunted by uncertainty
-1.03%A year after Brexit vote, European and UK shares diverge
-1.22%DIAGEO : King of Good Times' Gives Diageo a Hangover -- WSJ
Most Read News
02:48aDJJEFF BEZOS : Blind Faith in Bezos May Sting Investors -- WSJ
06/22 WARREN BUFFETT : 'Bailout' Buffett burnishes 'lender of last resort' image
06/22 EXCLUSIVE : China Unicom counts Alibaba, Tencent among investors in drive to raise $10 billion - sources
05:50aDJGlobal Shares Pause as Oil Price Continues to Drag -- Update
06/22 American Airlines pushes back on Qatar Airways plan to buy stake
Most recommended articles
07:54a Ireland could review cap on bank share sales - finance minister
07:48aDJSAMSUNG ELECTRONICS : Makes Big Play in Drug Market With Cheaper Version of Blockbuster Humira
07:38a Stock futures little changed as oil prices edge up
07:37aDJRWE Executive Board Intends Special Dividend Amounting To EUR 1.00 Per Share Due To The Reimbursement Of The Nuclear Fuel Tax
07:33a Accenture unloads $1.6 billion in pension liabilities to AIG, MassMutual