collected by :Tod Hinery
as mentioned in[LONDON] European shares dropped on Friday with banks and miners falling as a raft of disappointing earnings updates and political worries dented sentiment.
German stocks were also hit by political worries, with the blue chip DAX dropping 1.2 per cent as bond market jitters hit equities.
This followed disappointing results from UK heavyweights Standard Chartered and Royal Bank of Scotland, and further weakness among Italian and French banks.
On the positive side, Ingenico was the biggest gainer on the STOXX, up 7.2 per cent, after a well-received earnings update.
The STOXX 600 was down 0.8 per cent at its close, erasing gains made earlier in the week and snapping a two-week winning streak.
But on Tuesday investors said there were risks that Mr Trump’s speech later in the day could disappoint, triggering a sell-off.
Before the speech, Mr Trump called on Monday for a “historic” increase in military spending, fuelling sharp gains among defence and engineering stocks.
A White House budget official put the potential boost to defence spending at US$54 billion.
European shares have rallied more than 10 per cent since Mr Trump was elected in November as global stock markets surged in anticipation of his expansive economic policies.
The STOXX 600 rose 0.2 per cent to snap a four-session losing streak and end February up 2.8 per cent, close to a 14-month peak hit earlier in the month.
Europe: Shares end flat, Melrose and Subsea impress, Stocks
The pan-European STOXX 600 index ended flat, weighed down by falls among basic resources and banking stocks.
[LONDON] European shares paused for breath on Thursday after a strong rally in the previous session, though there were sharp gains from Britain’s Melrose and Norway’s Subsea after well-received results.
Subsea 7, the Norwegian oil services company, was up 5.5 per cent after it posted a fourth-quarter earnings beat and said it would pay a special dividend.
British outsourcing firm Capita sank to the bottom of the STOXX, down 9.1 per cent after posting disappointing results and announcing its CEO’s departure.
British housebuilder Travis Perkins was another top faller after it posted a decline in profit due to weak performance in its plumbing and heating business.