Market Update
European markets were mostly lower Wednesday in tandem with Asia, with some disappointing earnings forecasts also hurting shares.
The FTSE slipped 0.1%. The CAC 40 Paris declined 0.5% while the German DAX was up 0.5%.
Data earlier today showed French nonfarm payrolls rose in the last quarter as expected. Euro-area industrial production data is due slightly later.
Mining stocks fell across the region after a drop in copper prices. Shanghai copper fell hit its 5% lower daily circuit while London copper also languished at almost four-year lows.
Stocks on the Move
Anglo American PLC sank 1.5% along with BHP Billiton. Rio Tinto was down 1.1% while Glencore Xstrata dropped 1.6%.
In banks, RBS dropped 1.7% while HSBC was 2.1% lower. Lloyds Banking was down a percent even as it said it would cap the pensions of around 35,000 employees, helping it to boost income by 1 billion pounds.
Switzerland-based staffing major Adecco gained 4.7% after reporting better-than-expected fourth-quarter results.
BNP Paribas fell almost 2% while Societe Generale dropped 2.2%.
In Frankfurt, trucks major Man SE was down 0.2% even as it reported a higher 2013 operating profit.
But utility major E.ON was up 0.6% after the company slashed dividend and said it expected core profit to decline for the third straight year in 2014.
Logistics major Deutsche Post dropped 0.8% despite reporting a rise in operating profit and beating estimates.
In Italy, Tod’s fell about 4% after the shoemaker reported earnings that missed estimates.
But utility Enel S.p.A. gained almost a percent even as it said its core earnings would be lower this year compared with the previous year.