European markets close lower on oil and earnings

Thursday, 12. May 2016 18:08

European stock markets finished the trading day with in the red territory, with earnings dominating the session until oil prices started falling. Mining companies and related industries suffered. The Bank of England left the interest rate unchanged.

Two pan-European indexes provided good indication of the trends: the Euronext fell 0.52%, with Aegon plummeting almost 12%. The Euro Stoxx 600 dropped 0.49%.

The German DAX index slipped 1.13% to close at 9,862 points. Bayer fell 4.85% and ThyssenKrupp dropped 2.21%. RWE jumped 6.77% and E.ON added 1.40%.

In Paris, the CAC 40 index finished down 0.54% at 4,293 points. Crédit Agricole lost 4.91%, ArcelorMittal followed down 4.85% and Nokia dropped 1.91%. Vivendi recovered previous day's losses, and was up 2.70%.

Across the Channel, the FTSE 100 was holding up bravely after the Bank of England left interest rate and assets purchase measures unchanged, but eventually fell 0.95% to close at 6,104 points. Anglo American, Antofagasta and Glencore losses indicated the mining depression. Compass Group added 1.60%, while Marks and Spencer rose 1.48%.

In Milan, the FTSE MIB fell 0.26%.

The Swiss Market Index slid 0.66% to close at 7,885 points. Richemont, Swatch, Swiss Life and Credit Suisse fell, and Zurich insurance, Swisscom and Geberit rose.

In Spain, the IBEX 35 almost evened, closing down just 0.01%. Belgian, Danish, Portuguese markets finished up, and the Greek Athex performed best, rising 2.21%.

The euro fell 0.40% against the U.S. dollar and was 0.56% weaker compared to the Swiss franc. The U.K. pound gained 0.41% to the European currency, and rose 0.36% against the Japanese yen.

Oil prices returned to the falling mode: North Sea benchmark Brent dropped 1.36% to $46.96 a barrel, and U.S. crude WTI traded 0.86% lower at $45.84 a barrel by 5:55 p.m. CET. Gold fell 0.58% to $1,269.48 by 6:06 p.m. CET.

Related Links: 
Author:
Breaking the News / ZR