This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

European Stocks Slip as Tension Builds in Ukraine

Stocks in this article: OMC ERIC CHL

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.

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) 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) 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.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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