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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

The Deal: European, Asian Stocks Continue Last Week's Losses

LONDON ( The Deal) -- European and Asian markets continued last week's losses again Monday. As well as the continued turmoil on other emerging markets, traders were troubled once again by signs of a further slowdown in China, despite the closure of that country's exchanges for the Chinese New Year Holiday.

It might be an inauspicious start to the Year of the Horse that China's official non-manufacturing index slid back from 54.6 in December to a new low of 53.4. And that figure came on top of a drop in the manufacturing index over the weekend to 50.5. Both indices are still in growth territory, but China's not the expansionary engine of the world economy it once was.
 
Europe's main markets were also unmoved by better manufacturing data, not only in Germany, but also in the peripheral markets of Spain and even Greece. January readings for the Markit purchasing managers' index, or PMI, came in slightly ahead of expectations for the eurozone as a whole, at 54, registered a 32-month high in Germany at 56.5 and showed growth in Greek manufacturing for the first time since August 2009, coming in at over the crucial 50 point threshold to read 51.2.
 
But individual stocks provided excitement. In London, beverage can maker Rexam announced an agreement to sell its health care devices and prescription retail divisions to Montagu Private Equity for a transaction value of $805 million, pushing up its share price over 1.30% to 499 pence. And medical device group Smith & Nephew was up 1.66% at 890.5 pence on the acquisition of Nasdaq-listed ArthroCare (ARTC) for $48.25 a share in cash. The British company will pay a total consideration of approximately $1.7 billion for the Austin, Texas, sports medicine and ear, nose and throat specialist, for an enterprise value of $1.5 billion.
 
Ireland's Ryanair flew Monday morning, rising 5.32% despite announcing another quarterly loss of 35 million euros, as the market seemed to recognize its cost-cutting and promotions will lead to better numbers this year.
 
But Lloyds Banking (LYG), still one-third taxpayer-owned, led the market lower, falling 3% to 80.79 pence after setting aside another $2.9 billion to cover compensation for misspelling payment protection insurance. The bank is also delaying the restart of dividend payments to shareholders until later this year.
 

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 $128.46 0.00%
FB $78.97 0.00%
GOOG $558.40 0.00%
TSLA $203.34 0.00%
YHOO $44.28 0.00%

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

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