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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

European Stocks Slide on New Sanctions Against Russia

Stocks in this article: LBTYA SAP NVS

LONDON ( The Deal) -- European stock indices slid on Thursday, while major Asian indices closed little changed, after the U.S. and the European Union expanded sanctions against Russian interests to punish the country for its alleged support of separatists in Ukraine.

Oil producer OAO Rosneft and lender OAO Gazprombank were among the companies targeted in the latest round of sanctions, and were down 5.6% and 3.4%, respectively, in London, as the ruble declined. The EU also said its investment banks would halt lending to Russian public sector projects.

European Commission figures, meanwhile, confirmed an earlier estimate that eurozone June inflation had held steady at 0.5%, confirming a picture of subdued price pressure.

In London, the FTSE 100 was down 0.37% at 6,759.48. In Frankfurt, the DAX declined 0.31% to 9,828.37. The CAC in Paris fell 0.45% at 4,349.40.

Pockets of takeover excitement boosted some European shares.

In London, shares in commercial terrestrial TV broadcaster ITV rose sharply after John Malone's Liberty Global  (LBTYA) invested 481 million pounds ($824.2 million) in a 6.4% stake. It described the purchase from British Sky Broadcasting "opportunistic" and said it has no plans to make a takeover, thus tying its hands under most circumstances under the U.K. Takeover Code. However, many investors believe its long-term interest may be in an acquisition.

In Milan, Fiat was up 4% after Germany's Manager Magazin reported that the Italian company had held talks about a takeover by Volkswagen, whose shares declined about 1.6%.

In Paris, Carrefour gained ground after posting above-forecast second-quarter revenue.

Frankfurt business software maker SAP (SAP) rose more than 3% after it raised its full-year revenue forecast for its cloud-based software. The news, in a second-quarter results statement, came two days after German rival Software AG warned on fiscal 2014 profit margins.

Zurich drugmaker Novartis (NVS) drifted down more than 1% after a disappointing second-quarter bulletin.

Telecom Italia tumbled 3% on news that Telefonica will cut its stake by more than a third to as little as 8.3% following a 750 million euros ($1 billion) sale of convertible bonds . The Spanish telecom has decided to forgo its influence in Italy to appease Brazilian regulators concerned about its dominant position in that market, given that both European operators have wireless services providers there.

In Hong Kong, the Hang Seng closed little changed, down 0.01%, at 23,520.81. In Tokyo, the Nikkei 225 drifted down 0.06% at 15,370.26.

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

DOW 17,907.78 +102.98 0.58%
S&P 500 2,073.15 +2.50 0.12%
NASDAQ 4,777.3040 +11.9240 0.25%

Brokerage Partners

Rates from Bankrate.com

  • 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