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 Slide Ahead of Fed Minutes

Stocks in this article: SHPG ABBV NKE

LONDON ( The Deal) -- Global stock indices extended Tuesday's steep losses on Wednesday, with investors hoping that minutes of the last Federal Reserve rate-setting meeting will ease recent nervousness.

In London, the FTSE 100 was down 0.53% at 6,702.72 by mid-morning. In Frankfurt, the DAX slipped 0.07% to 9,766.04. The CAC 40 in Paris drifted down 0.06% to 4,339.86.

The Fed releases minutes of the June 17-18 meeting at 2 p.m. EDT; the optimal tone would be one that assuages fears about global growth stalling and worries about asset bubbles while chiming with Fed Chair Janet Yellen's recent dovish comments about U.S. monetary policy.

In Paris, Sodexo shares were down more than 3% after the catering company cut its fiscal 2014 revenue forecast as it presented nine-month figures. The company said it expects "organic revenue growth" of between 2.2% and 2.5% -- that's down from previous guidance of 2.5% to 3% because of delays in certain major contracts. The company confirmed its operating profit growth target of 11%.

Recently listed catering peer Elior accompanied its larger rival lower.

Air France-KLM edged up about 1% to 8.667 euros after UBS lifted its forecast to neutral from sell with a price target of 8.90 euros after Tuesday's 8.7% decline.

In Germany, sporting goods company Adidas fell sharply. The company is said to be close to sealing a record kit sponsorship deal with Manchester United. Nike (NKE) said it pulled out of talks because the British soccer club was asking for too much.

In London, recently listed consumer lender TSB Group was down more than 2% at 277 pence after analysts at Credit Suisse initiated coverage with a price target of 250 pence and an underperform recommendation.

But Rentokil Initial rose after Credit Suisse analysts lifted their recommendation on the pest control services provider to outperform from neutral and raised their target price.

Insurer Aviva slipped more than 3% after CEO Mark Wilson set out new cash flow and cost targets and reiterated plans to cut debt at an investor day presentation. The London company also announced the creation of an Indonesia life insurance joint venture.

Irish drugs maker Shire (SHPG) drifted down 1% as investors remained skeptical that the company can agree on a takeover by unsolicited suitor AbbVie ABBV, which Tuesday announced a fourth proposal. At 4,484 pence, Shire shares are well below the 5,115 pence value that AbbVie put on its latest stock-and-cash offer.

Asia indices ended predominantly in the red. In Tokyo, the Nikkei 225 slipped 0.08% to close at 15,302.65. In Hong Kong, the Hang Seng tumbled 1.55% to close at 23,176.07. 

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 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

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