LONDON (The Deal) -- European and Asian stocks were mixed Friday as a raft of companies across the two continents either fell short of analysts' forecasts or cut their projections for future growth.
In London, the FTSE edged up 0.08% to 6,728.44. Third-quarter GDP growth figures confirmed that the U.K. economy is growing at the fastest pace in more than three years. The economy expanded 0.8% quarter-on-quarter, as expected, up from a 0.7% growth rate in the second quarter. The annual third-quarter growth rate was 1.5%.
In Frankfurt, the Dax was down 0.10% at 8,972.03. German business sentiment, as measured by the closely watched Ifo index, unexpectedly fell in September. The index reading was 107.4, down from 107.7 in August, whereas the consensus forecast had been for a figure of 108. In Paris, the Cac 40 slipped 0.34% to 4,261.20.
The Hang Seng in Hong Kong closed down 0.6% at 22,698.34 , while the Nikkei 225 in Tokyo lost 2.75% to 14,088.91. as the strength of the yen worried manufacturing sector investors.
Japan's camera maker Canon set the tone Thursday for the corporate gloom with a profit warning that soured sentiment and pushed the stock down Friday in Tokyo.
In France, luxury goods company Kering, which until June was called Pinault-Printemps-Redoute SA, was down more than 2% after third-quarter sales fell 1.5%, partly because of a disappointing performance by its Gucci brand which the company attributed to the fact it had made distribution channels more "exclusive."
Banco Bilbao Vizcaya Argentaria in Spain missed third-quarter profit estimates, while carmaker Renault and truck maker Volvo also posted disappointing quarterly bulletins, with those automotive companies blaming unfavorable exchange rates. French electronics components maker Schneider Electric also blamed currency factors for its decision to cut its 2013 sales and profit forecasts.
Countering the stream of bad corporate news was South Korea's Samsung Electronics, which reported that operating profit rose 26% in quarter ended September to 10.2 trillion won ($9.6 billion), helped by smartphone sales and a recovery in its memory chip business. However, the maker of the Galaxy line warned that smartphone competition will intensify during the holiday season.