This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

[video] The Deal: European Stocks Flat Ahead of Rate-Setting Meetings

LONDON (The Deal) -- European stocks were little changed Thursday as policymakers at both the European Central Bank and the Bank of England prepared to meet to set rates. In Asia, most markets took their cue from a four-day decline in U.S. equities and closed lower.

The eurozone's benchmark rate is 0.25% after last month's rate cut and ECB President Mario Draghi has stressed that the central bank has additional firepower should the region's flailing economy require another adrenalin shot. British rates are at a record low 0.5% but, by contrast, the central bank there said last month that rates could rise from as early as late next year if the economy continues to pick up. The U.K.'s  Office for Budget Responsibility is expected later Thursday to lift its 2013 growth forecast significantly as Chancellor of the Exchequer George Osborne delivers spending news.

The FTSE in London was up 0.09% at 6,515.68. In Frankfurt, the DAX rose 0.17% to 9.156.07 and in Paris, the CAC 40 was also up 0.17% at 4,155.51.

In Milan, Telecom Italia  (TI) fell 1.9% as the prospect of an enforced sale of majority owned Brazilian unit TIM Participacoes increased. Brazil's competition regulator on Wednesday said that Telefonica (TEF), which recently agreed to lift its interest in Telecom Italia,  must  reduce its market share in Brazil. As well as its indirect interest in TIM,  Telefonica  owns Brazilian wireless services operator Vivo. It has been lobbying  for Telecom Italia to sell  TIM, whose stock is worth about 27.5 billion reais ($11.5 billion), for weeks but its calls had so far fallen on deaf ears.

In Sydney, Qantas Airways plunged more than 11% after the company warned of a first-half loss of up to A$300 million ($270.4 million). It also announced it will slash 1,000 jobs and begin reviews of capital expenditure and its structure in response to what it called "fundamentally changed market conditions."  It pins much of its struggle on unfair competition  from the country's No. 2 airline, Virgin Australia  Holdings, which is  ultimately backed by the Singapore, New Zealand and Abu Dhabi governments.

Qantas must by law be 51% Australian-owned but the airline hopes to persuade the government to lift that restriction.

In Tokyo, the Nikkei dropped 1.5% to end the trading session at 15,177.49.  In Hong Kong, the Hang Seng closed down 0.07% at 23,712,57.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $123.25 0.00%
FB $83.30 0.00%
GOOG $548.34 0.00%
TSLA $185.00 0.00%
YHOO $45.10 0.00%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs