Market Update
European markets were trending lower Thursday as investors digested the latest cutback to stimulus measures by the U.S. Federal Reserve.
The FTSE was off 0.2%. The CAC 40 Paris edged 0.1% lower while the German DAX was down 0.9%.
The data calendar features Spanish GDP figures, followed by unemployment data in Germany, as well as consumer inflation figures later in the day.
Stocks on the Move
Royal Dutch Shell PLC rose 2.3% after the company said it would step up disposals and seek to return a greater share of earnings to investors. The company reported fourth-quarter profits in line with its downgraded forecasts.
Banking shares are also in focus after Santander, the euro zone’s biggest bank, reported results that missed analysts’ expectations.
BNP Paribas was down about a percent while Societe Generale and Credit Agricole were down 0.9% and 1.1% each, respectively.
Fashion retailer Hennes & Mauritz was down 2.7% after it said it was optimistic for 2014 even as it reported fourth-quarter profits that disappointed.
Swedish telecoms major Ericsson was up 2.2% despite reporting sales and operating profit that missed estimates.
Dassault Systemes S.A. was up 2%. The company said Thursday it planned to buy San-Diego based software company Accelrys in an all-cash offer valuing the U.S. company at around $750 million.
Metro AG was down 0.7% after it reported a slight drop in sales over the Christmas period.