This Day On The Street
Continue to site
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

The Deal: European, Asian Stocks Slip Further

LONDON (The Deal) -- European and Asian stocks ventured further into negative territory on Friday, with investors looking to the direction of U.S. trading later Friday to lift them out of the doldrums.

Bank of England Gov. Mark Carney is due just after noon London time to deliver a speech in which he is expected to back away from the central bank's five-month-old policy of using the U.K.'s unemployment rate as a key indicator when determining interest rate policy. In doing so he will likely reassure investors that rates won't rise any time soon.

After European markets close, European Central Bank President Mario Draghi will address a meeting in Davos  and investors will be eyeing his comments for monetary policy hints after the ECB slashed the benchmark rate to 0.25% in November.

In London, the FTSE was down 0.31% at 6,752.04, having closed lower in the past three trading sessions. In Frankfurt, the DAX slipped 0.39% to 9,594,74 and in Paris, the CAC 40 shed 0.52% of its value to stand at 4,258.77 by late morning.

Stuttgart, Germany drugs wholesaler and pharmacies operator Celesio rose after San Francisco health care company McKesson (MCK) secured more than 75% of its target  less than two weeks after a sweetened 6.4 billion euros ($8.7 billion) bid failed when small shareholders, seemingly inspired by the hedge fund Elliott Management Corp.'s  maneuvering and looking for a squeeze-out premium, didn't tender sufficient stock to give McKesson the 75% of Celesio it needed. Celesio was trading  above the 23.50 euros per share McKesson offered majority shareholder Franz Haniel & Cie. GmbH for the stock by late morning.
In London, Lloyds Banking Group (LYG) largely shrugged off a ratings downgrade by Investec. Analyst Ian Gordon cited "frothy" 2013 earnings expectations, the risk the bank will have to dig deeper to compensate consumers for "missold" payment protection insurance and expectations the state will cut its 30%-odd holding further as early as February among the reasons for his downgrade to hold from buy. But Gordon said he's not overly worried about Labor leader Ed Miliband's threat to force Britain's top banks to sell off branches if his party comes to power next year.

In Hong Kong, Lenovo ended the day up a modest 1.1% -- but was nevertheless the biggest riser  on the Hang Seng -- after trading in the shares resumed following its announcement Thursday of its $2.3 billion server unit purchase from IBM (IBM).

The Hang Seng closed down 1.25% at 22,450.06, and in Tokyo the Nikkei 225 tumbled 1.94% to end the week at 15,391.96.

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
Only $9.95
14-Days Free
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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs