Thomas Cook in talks with UK government and investors over rescue deal    US sending troops to bolster Saudi air, missile defenses after attack    Egypt's presidency releases short film on the role of Egypt in founding of the UN    El Gouna Film Festival celebrates 100th birth anniversary of novelist Ihsan Abdel-Quddous    Poland's PiS pledges more spending ahead of parliamentary election    FIPRESCI and Netpack hosted by El Gouna Film festival for the first time    Small protests in Egypt dispersed by police    Tennis: Kenin battles past Stosur to claim Guangzhou crown    No crowds as Apple's iPhone 11 hits stores in China    Egypt jumps nine spots in Tourism Competitiveness Index rankings    Iran would destroy Saudi Arabia in any war:Hezbollah    Israel's Netanyahu trails rival by two seats, coalition talks loom    Ahly wins Egyptian Super Cup after beating Zamalek    Cameroon hires Toni Conceicao as national team coach    UK Labour deputy leader says Brexit stance behind effort to oust him    Egypt's developer SODIC hopes to buy 10% share in Heliopolis Housing    Rare protests in Egyptian streets after online call for dissent    Sisi Oks loan to build four desalination stations in South Sinai    Asian markets amid U.S.-China trade jitters    Egypt's tuk-tuk start-up Halan to tap Ethiopia before year-end    Preview: Plenty of promises as Egyptian league kicks off    Egypt's health ministry bans all ranitidine medication    Cairo Opera hosts closing ceremony of the Cairo International Festival for Contemporary and Experimental Theatre    Egypt, UAE cooperate over drugs combating    Allianz Egypt allots $399K to promote UNICEF's vulnerable children initiative    Felix Brych to referee Ahly-Zamalek Super Cup game in Egypt's Alexandria    Danone Nations, DECATHLON launch series of initiatives, creating change    World at risk of pandemics that could kill millions    'Egypt will not allow any country to impose its will on another in Ethiopian dam issue,' FM says    5 plant-based soup recipes to warm your body and soul    Egypt, Ethiopia at odds as talks over Blue Nile dam resume    Egypt says GERD talks with Ethiopia 'stumbled', next round in Khartoum in October    Egypt's Sisi discusses education, terrorism at national youth conference    Egypt's PM discusses details of Al-Hussein Mosque renovation    Egypt's Baron Empain Palace to be reopen after renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Cairo's historic Tahrir square to be renovated – PM    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    

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European Stocks Drop For Fifth Day; Fugro Tumbles
Published in Amwal Al Ghad on 10 - 07 - 2014

European stocks fell for a fifth day, as Chinese exports (CNFREXPY) missed estimates and some Federal Reserve officials expressed concern over complacency about risks in the economy. U.S. index futures and Asian shares also slid.
Fugro NV sank the most since November 2012 after forecasting a drop in profit margin and a writing off of as much as 350 million euros ($477 million). DNB ASA lost 3.6 percent after posting second-quarter net income that missed analysts' estimates. Gerresheimer AG and Tryg A/S climbed more than 2 percent each after posting quarterly earnings that exceeded analysts' estimates. Airbus Group NV rose after people familiar with the matter said it is in talks with IndiGo about an order for 200 jets.
The Stoxx Europe 600 Index fell 0.2 percent to 339.28 at 8:18 a.m. in London. The equity benchmark gauge fell 2.6 percent in the past four days, the most since March, as investors weighed valuations that are near the highest levels since 2009, while concern rose over signs that the euro-area recovery remains fragile. Standard & Poor's 500 Index futures lost 0.3 percent today, while the MSCI Asia Pacific Index slipped 0.2 percent.
Exports in China climbed 7.2 percent in June from a year earlier, according to the customs administration in Beijing. That trailed the 10.4 percent median estimate of economists in a Bloomberg News survey. Imports gained 5.5 percent, leaving a $31.6 billion trade surplus.
Fed Minutes
In the U.S., some Fed policy makers expressed concern about low volatility in equity, currency and fixed-income markets, minutes of their June meeting released yesterday showed. They agreed to end their bond-buying program in October if the economy holds up.
Separately, a report at 8:30 a.m. in Washington may show 315,000 Americans filed for unemployment benefits in the week ended July 5, matching figures from the previous week, according to economists in a Bloomberg News survey.
In the U.K., the Bank of England will probably hold its benchmark interest rate at 0.5 percent and its asset-purchase target at 375 billion pounds ($643 billion), according to the median forecast of economists surveyed by Bloomberg News. The BOE announces its decision at noon in London.
Fugro sank 17 percent to 33.69 euros. The deepwater-oilfield surveyor said it expects a write-off of 300 million euros to 350 million euros, most of it in its Geoscience division. First-half margin on earnings before interest and taxes will be in the low-single digits, compared with a 11.4 percent margin a year earlier, the Dutch company said, citing project delays because of slower capital spending and a weakening oil and gas market.
DNB Earnings
DNB dropped 3.6 percent to 111.20 kroner. Norway's largest bank reported that second-quarter net income rose to 4.65 billion kroner ($760 million), missing analysts' forecasts for 4.83 billion kroner.
London Stock Exchange Group Plc fell 2.3 percent to 1,911 pence. Qatar sold about one-third of its stake in the company, terms obtained by Bloomberg News showed. The stake was offered at 1,900 pence to 1,956 pence a share.
Skanska AB lost 2.5 percent to 147.10 kronor after saying it will scale down operations in Latin America after booking 500 million kronor ($73.7 million) in project writedowns and restructuring costs. The Nordic region's biggest construction company by global revenue also said it expects second-quarter operating profit of 920 million kronor. Analysts on average forecast earnings before interest and taxes of 1.36 billion kronor.
Gerresheimer Beats
Gerresheimer climbed 3.7 percent to 52.07 euros after the maker of syringes and inhalers posted second-quarter adjusted earnings before interest, taxes, depreciation and amortization of 65.1 million euros, surpassing the average analyst projection of 62.4 million euros.
Tryg added 2.2 percent to 563.50 kroner. The Danish property and casual insurer posted second-quarter profit of 869 million kroner ($159 million). Analysts on average had predicted 626 million kroner.
Airbus added 1.8 percent to 47.86 euros after people familiar with the matter said India's IndiGo airline may place an order for A320neo jets in a deal valued at about $20.6 billion. The purchase may be announced as soon as next week's Farnborough International Airshow in England, said two of the people.
Suedzucker AG advanced 5.5 percent to 15.73 euros. The sugar producer reported first-quarter revenue of 1.77 billion euros, compared with the average analyst estimate of 1.76 billion euros.
Source : Bloomberg

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