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European stocks tank amid mixed corporate news

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The stocks on the European indices opened on a weaker note, tracking the cautious tone from their Asian counterparts, and remain in the red on the back of mixed set of earnings results across the Euro are economies.

    Corporate news keeps European indices in the red

    Germany’s, the DAX reversed previous gains and turned lower, as the focus now remains Thursday’s ECB meeting, with most traders resprt to repositioning ahead of the key event of this week.

    Amongst the stocks, Heidelberg Cement leads the index lower while the German benchmark remains little affected by upbeat SAP’s results. The German software maker saw a 2% gain in its net profit for Q3. The shares of the company climbed the most, +1.86%.

    While the French CAC was the biggest loser, after the lender Credit Agricole agreed to pay US authorities $787 million to settle a US probe into violations of sanctions.

    Meanwhile, Germany’s DAX drops -0.52% to 10,108 points, while the UK’s FTSE trades -0.42% lower at 6,324. Among the other indices, the French CAC 40 index loses -0.87% to 4,662, while the pan-European Euro Stoxx 50 index declines -0.67% to 3,248 points.
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