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 Stocks Slip Amid Cautious Trading Mood

LONDON (The Deal) -- European markets were in a cautious mood again on Tuesday, with worries over tit-for-tat sanctions between Russia and the West over the Ukraine again tempering investors' enthusiasm for risk. Moscow has recognized Crimea's status as an independent nation, following Sunday's vote to leave Ukraine and is now preparing to accede to its request to join Russia.

However, there was enough company news to keep traders active. In London, supermarket J. Sainsbury led the listed grocers down, after announcing falling sales in the final quarter of 2003. The U.K.'s No. 3 supermarket group said it maintained its 17% market share, however, which indicated falling sales for its competitors too. And outgoing CEO Justin King had some further glum news for the sector. He said the market was now growing at its slowest rate since 2005 and customers would continue to find this year challenging.

Big falls also in the mining sector, as Chilean copper miner Antofagasta announced a drop of 11% in revenues and 30% in profits. Oddly, despite offering a smaller dividend than last year, Antofagasta was rewarded with a rising share price and topped the London leader board this morning. But other miners, including Glencore Xstrata, Mexican silver miner Fresnillo and South Africa's Randgold Resources were all lower.

Meanwhile in Germany, shares in automaker Volkswagen fell on the news that the board of Swedish truckmaker Scania, which is 63% owned by Volkswagen, rejected the German group's 6.7 billion euros ($9.3 billion) offer for the remaining equity as too low. The offer was set about 50% higher than Scania's undisturbed share price, but is felt to have come at the bottom of the truck cycle.  Scania was trading at Skr190 this morning, below Volkswagen's offer price of Skr200. Volkswagen's day wasn't improved by figures from the European Automobile Manufacturers' Association figures showing that while European Union car sales were up in February, VW's sales and market share were down.

Must Read: The Deal: European Stocks Rise as Crimea Votes for Independence

London's FTSE 100 was down 0.25% mid-morning at 6,552, while in Frankfurt, the DAX fell 0.7% to 9,116. In Paris, the CAC 40 was down 0.21% at 4,263.

In Hong Kong, the Hang Seng was down 0.51% at 21,583.5, in Tokyo, the Nikkei 225 closed up 0.94 at 14,411.27 and in China the Shanghai composite closed up 0.08% at 2,025.2. 

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 $111.31 0.48%
FB $92.80 -1.29%
GOOG $645.44 0.62%
TSLA $241.46 -1.91%
YHOO $30.96 0.34%


Chart of I:DJI
DOW 16,790.19 +13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASDAQ 4,748.3610 -32.9030 -0.69%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs