Market Update
European stocks declined Tuesday despite a positive lead from Wall Street overnight, as investors digested some corporate results.
Political developments in Ukraine and Italy were also eyed. Ukraine issued an arrest warrant for its deposed president Viktor F., who was charged on Monday with mass murder, and appealed for $35 billion in aid from Western countries.
In Italy, meanwhile, new prime minister Matteo Renzi won his first confidence vote in the parliament after pledging to cut labour taxes, free up funds for investment in schools and pass vast institutional reforms to spur the sagging economy.
Markets were also looking forward to some fresh dose of economic reports from the U.S., due later in the global trading day.
The FTSE 100 lost 0.5% at 9:34 a.m. in London, the CAC 40 Paris retreated 0.4% and the DAX Frankfurt was also down 0.4%.
Stocks on the Move
In earnings-related moves, French entertainment company Vivendi SA tumbled over 4% after its sales figures trailed analysts' estimates.
Aixtron SE plunged more than 6% after the German manufacturer of deposition equipment reported disappointing fourth-quarter results.
Fresenius Medical Care AG & Co. slumped 8.4% after posting results that missed Street estimates.
Specialty chemicals maker Croda International was down 0.5% despite reporting a 5% hike in pretax profit for 2013 as the company warned of lower profit growth in 2014 due to currency headwinds.
On the other end, French advertising company Publicis Groupe SA edged up 0.6% after it acquired South Africa's Lighthouse Digital as part of its plan to expand in emerging markets.
Building materials supplier CRH Plc. climbed 3.5% in London in spite of posting a loss for fiscal year 2013, as the company gave a positive outlook for profit growth in fiscal 2014.
Sector-wise, resources stocks were heavily battered, especially miners were trading with deep cuts at this hour.
London-listed Rio Tinto Plc. plunged over 3% while Anglo American Plc. erased 2.7%. BHP Billiton Plc. was down 1.8%.
Financials were also mostly lower -- Societe Generale SA eased 1% in France while Barclays Plc. lost 1.6% in London. Global banking giant HSBC Holdings Plc. extended losses, down 1.2% after reporting dismal earnings in the previous session.