European Markets Finish Little Changed Ahead Of BoE Announcement

BRUSSELS/FRANKFURT/PARIS (Alliance News) - The European markets ended Wednesday's session with ...

Alliance News 13 September, 2017 | 5:14PM
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BRUSSELS/FRANKFURT/PARIS (Alliance News) - The European markets ended Wednesday's session with mixed results, but were little changed overall. Traders were in a cautious mood ahead of Thursday's policy decision from the Bank of England. Investors are also keeping an eye on the progress on US President Donald Trump's tax reform bill.

Chipmakers were under pressure after Apple said it would not ship its new iPhone X until November. AMS tumbled 3.86% and Dialog Semiconductor slid 1.57%.

The pan-European Stoxx Europe 600 index advanced 0.08%. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.30%, while the Stoxx Europe 50 index, which includes some major UK companies, added 0.27%.

The DAX of Germany climbed 0.23% and the CAC 40 of France rose 0.17%. The FTSE 100 of the UK declined 0.28%, but the SMI of Switzerland finished higher by 0%.

In Frankfurt, Bayer rose 0.45%. The conglomerate said it has reduced its direct interest in Covestro to 31.5% from 40.9%. Covestro rallied 3.67%.

In Paris, lens maker Essilor, which is in the process of merging with Italian peer Luxottica, dropped 2.33%.

Eramet sank 12.73%. Italian lenders Intesa Sanpaolo S.p.A. and UniCredit SpA announced that they have offloaded about 2.97 million shares in the French mining and metallurgy firm.

Vivendi climbed 2.78% after UBS upgraded its rating on the stock to "Buy" from "Neutral."

In London, easyJet advanced 0.67% after the low cost airline said it would allow customers to use its website to book long-haul flights with other carriers.

Luxury goods group Richemont lost 1.18% despite the company reporting a 12% increase in sales at constant exchange rates for the five months ended 31 August 2017.

Specialty steelmaker Voestalpine fell 0.41% in Vienna after Germany's antitrust regulator raided its headquarters as part of an investigation into suspected violations of antitrust laws in the industry.

Eurozone industrial production increased slightly in July after declining in June, Eurostat reported Wednesday. Industrial production grew 0.1% month-on-month in July, in contrast to a 0.6% fall in June. Monthly growth matched economists' expectations.

Eurozone employment grew at a slightly slower pace in the second quarter, Eurostat reported Wednesday. Employment increased 0.4% sequentially in the second quarter, following a 0.5% rise in the first quarter.

Germany's inflation accelerated to a four-month high in August on energy prices, final data from Destatis showed Wednesday.

Consumer price inflation rose to 1.8% in August from 1.7% in July. The rate came in line with the preliminary estimate released on August 30. This was the highest since April, when the rate was 2%.

Germany's wholesale prices increased at the sharpest pace in four months in August, figures from Destatis showed Wednesday. Wholesale prices grew 3.2% year-over-year in August, faster than the 2.2% climb in July.

The UK jobless rate dropped unexpectedly in three months to July, data from the Office for National Statistics showed Wednesday. The jobless rate fell to 4.3%, the lowest since 1975, the ONS said. Economists had forecast the rate to remain unchanged at 4.4%, as seen in three months to June.

Producer prices in the US rose by slightly less than expected in the month of August, according to a report released by the Labor Department on Wednesday. The Labor Department said its producer price index for final demand edged up by 0.2% in August after slipping by 0.1% in July. Economists had expected the index to climb by 0.3%.

Copyright RTT News/dpa-AFX

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