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

European Stocks Slip as Tension Builds in Ukraine

LONDON (The Deal) -- European stocks fell and Asian stocks were mixed on Wednesday as the conflict in Ukraine and ensuing row between Russian and Western governments escalated and Chinese manufacturing data pointed to economic weakness.

The U.S. said it plans to start military drills in Eastern Europe in support of the West-leaning government in Ukraine, which is fighting opponents in the east of the country after it overthrew pro-Russian leaders in March.

In China, HSBC/Markit's Purchasing Managers' index of the manufacturing sector rose to 48.3 in April from 48.0, holding defiantly in the below-50 territory which signals a contraction.

Corresponding data from Markit for the eurozone in April came in slightly ahead of expectations at 53.3, up from 53.0 the month before.

Must Read: European Stocks Rise, Led by Pharma Sector News

Bank of England minutes showed policy makers at the last meeting were united in their decision to leave rates at 0.50%.

In London, the FTSE was down marginally at 6,679.11. In Frankfurt, the DAX slid 0.23% to9,578.48 and in Paris, the CAC 40 ceded 0.35% to stand at 4,468.48 by late morning.

In London, Associated British Foods soared after posting first-half results that beat estimates. Pretax profit rose 4% to 468 million pounds, despite a 2% decline in revenue to 6.2 billion pounds  as sugar sales tumbled. The biggest part of ABF's business is its Primark discount clothing chain, where sales rose 14% and profit climbed 26%. ABF plans to open Primark stores in northeast of the U.S., starting with a store in the center of Boston.

In Paris, Publicis Groupe slid after a Financial Times interview with the CEO of Omnicom Group (OMC - Get Report) stoked concern the advertising giants won't be able to close their planned merger because several European tax authorities, as well as Chinese antitrust regulators, have yet to sign off on the July agreement.

In Stockholm, Telefonaktiebolaget LM Ericsson's (ERIC - Get Report) shares were down more than 4% after the wireless equipment maker posted a 9% first-quarter sales decline to 47.5 billion Swedish kronor ($7.2 billion), mainly because of a slump in North America. But profit rose 41% to Skr1.7 billion as the company chased higher margin business.

Swedish truckmaker Scania fell more than 4% to a two-month low after a shareholder said majority owner Volkswagen's 6.7 billion euros ($9.3 billion) buyout offer for the outstanding shares was too low. An independent Scania committee assessing the bid earlier delivered the same verdict, while VW has refused to lift its offer.

In Hong Kong, the Hang Seng closed down 0.97% at 22,511.08. China Mobile (CHL) closed down 2.6% after the cost of for subsidizing Apple (AAPL) iPhone to lure customers weighed on quarterly profit.

In Tokyo the Nikkei closed up almost 1.1% at 14,546.27.

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
ERIC $8.54 -0.87%
OMC $71.50 2.60%
AAPL $94.35 -0.69%
FB $98.16 -1.60%
GOOG $672.75 -1.50%


Chart of I:DJI
DOW 15,926.51 -100.54 -0.63%
S&P 500 1,841.72 -11.72 -0.63%
NASDAQ 4,250.7660 -32.9870 -0.77%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs