EUROPE MARKETS: Euro Leaps After Draghi Speaks, Sending European Stocks To 2-month Closing Low
2017年6月28日 - 01:30AM
Dow Jones News
By Carla Mozee and Victor Reklaitis, MarketWatch
Doubts grow over Deutsche Telekom-Sprint deal; Schaeffler
skids
European stocks closed with losses Tuesday, feeling the weight
of a rising euro, as profit warnings and merger concerns also hit
the region's equities.
The Stoxx Europe 600 fell 0.8% to end at 385.98, suffering its
lowest close since April 21.
The pan-European index finished in the red as the euro traded
around $1.1294, up from $1.1182 late Monday in New York. The shared
currency gained after European Central Bank President Mario Draghi
said in a speech in Portugal that "a considerable degree" of
stimulus is needed in the eurozone, a step back from the stimulus
levels signaled in earlier speeches.
"Draghi continues to argue that his policies are behind the
overall improvement in eurozone economies, but it was his shift of
emphasis from 'very substantial' to 'considerable' where stimulus
was concerned that really got everyone talking," wrote Chris
Beauchamp, IG's chief market analyst.
A stronger euro can hurt shares of European exporters as it can
make their products more expensive for clients overseas to
purchase. The euro briefly traded as high as $1.1304 on Tuesday,
touching its highest intraday level since September.
In Frankfurt, the export-heavy DAX 30 was down 0.8% to end at
12,671.02. In London, the FTSE 100 declined 0.2% to close at
7,434.36, while France's CAC 40 index slumped 0.7% to 5,258.58.
Stock movers: Schaeffler AG shares (SHA.XE) tanked 13% for the
Stoxx 600's biggest drop after the German auto parts supplier cut
its profit forecast for 2017.
Other European car-industry stocks lost ground as well, with
Fiat Chrysler Automobiles NV (FCA.MI) down 1.2% and Ferrari NV off
by 2.1%, as a lower forecast
(http://www.marketwatch.com/story/general-motors-lowers-us-auto-sales-forecast-2017-06-26)
from General Motors Co. (GM) also weighed.
WPP PLC shares (WPP.LN) fell 0.8% after the advertising
heavyweight said IT systems at several of its businesses were hit
by a suspected cyberattack
(https://www.wsj.com/articles/cyberattacks-hit-global-companies-in-europe-1498575793).
Other companies reported suspected cyberattacks Tuesday, including
French building materials company Saint-Gobain (SGO.FR).
Stada Arzneimittel AG (SAZ.XE) slid 3% after German drugmaker
said a takeover plan by financial investors Bain Capital and Cinven
had fallen through. Shareholders didn't tender enough of the shares
required for the offer to go through
(http://www.marketwatch.com/story/stada-takeover-by-baincinven-fails-2017-06-27).
Deutsche Telekom AG (DTEGY) was down 2.3% following reports that
Sprint Corp. (S) may hold off on talks about a merger with T-Mobile
US Inc. (TMUS), a unit of Deutsche Telekom's. Sprint is trying to
form a wireless partnership
(http://www.marketwatch.com/story/sprint-explores-wireless-deal-with-comcast-charter-2017-06-26)
with American cable giants Comcast Corp. (CMCSA) and Charter
Communications Inc. (CHTR)
Bankia SA (BKIA.MC) leapt 3.5% following a deal to purchase
fellow nationalized Spanish lender BMN.
(END) Dow Jones Newswires
June 27, 2017 12:15 ET (16:15 GMT)
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