Live Markets: The mood sours
LIVE MARKETS-The mood sours Adds new blog
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THE MOOD SOURS
European equity indexes are mostly lower on Friday, rounding off a testing week in the red.
The pan-regional STOXX 600 .STOXX is down 0.4% for the day and 1.5% for the week. Breadth is negative, with about 60% of firms trading lower on Friday.
Major national bourses are also lower, with the DAX .GDAXI, CAC .FCHI and FTSE .FTSE down between 0.4% and 0.8%.
Data is not helping. Composite PMIs from Germany and France missed expectations, suggesting that the growth outlook remains fragile.
Some notable earnings misses are also weighing on sentiment.
Volvo Cars VOLCARb.ST is down over 30% after it swung to a loss in the third quarter and announced 2,500 job cuts. Valeo VLOF.PA, which is a supplier to the automotive industry, fell 11% after it cut its forecast.
Meanwhile, Kering PRTP.PA became the latest luxury .STXLUXP stock to disappoint this earnings season. Its shares shed 12% after sales at Gucci slid 6%.
The main bright spot has been the energy sector .SXEP, which is up 1.3%, as oil prices LCOc1 rose to their highest since early May.
Here's your opening snapshot:
(Samuel Indyk)
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EARLIER ON LIVE MARKETS:
EUROPE BEFORE THE BELL: MIXED OPEN, STOCKS SET FOR WEEKLY DROP CLICK HERE
WAKE UP! THE LONG BOND'S UP TWO POINTS! CLICK HERE