European equities dip as oil steadies



Sat, 24 Jun 2017 - 05:47 GMT


Sat, 24 Jun 2017 - 05:47 GMT

Logo of the London Stock Exchange - file photo

Logo of the London Stock Exchange - file photo

New York - 24 June 2017: Europe's main stock markets retreated Friday following mixed economic data, while oil prices stabilized and the tech-rich Nasdaq advanced on Wall Street.

Bourses in both Paris and Frankfurt dipped after a report from data monitoring company IHS Markit showed Eurozone private sector business activity slowed sharply in June while staying in expansion mode.

London also ended modestly lower in a session that marked the one-year anniversary of Britain's historic vote to exit the EU.

On Friday, European leaders assessed a proposal from British Prime Minister Theresa May concerning the rights of EU citizens in Britain.

"It was a good start, but also not yet a breakthrough," said German Chancellor Angela Merkel, the EU's most powerful leader, adding that there was still a "long way to go."
US stocks ended mostly higher after leading technology companies such as Microsoft and Facebook won one percent or more to boost the Nasdaq 0.5 percent.

Analysts said the second straight increase in oil prices lifted broader market sentiment after petroleum prices sank to multi-month lows earlier in the week. But worries about excess supply were expected to continue to pressure oil prices.

"Since the same old worries about over-supply persist the bearish sentiment will hang around for some time," said David Madden, analyst with CMC Markets.

Large US retailers, including Wal-Mart Stores, Home Depot and Costco Wholesale, tumbled about one percent or more after a disappointing earnings report by Bed Bath & Beyond rekindled worries about the sector's prospects with the rise of e-commerce.

A note from Morningstar said Bed Bath & Beyond's earnings would be challenged by "ongoing pricing pressure and secularly slower footfalls expected across the brick-and-mortar landscape" and predicted that rivals like Amazon and Wayfair would "continue to chip away at Bed Bath's market share, making pricing gains nearly impossible."

New York - Dow: DOWN less than 0.1 percent at 21,394.76 (close)
New York - S&P 500: UP 0.2 percent at 2,438.30 (close)
New York - Nasdaq: UP 0.5 percent at 6,265.25 (close)
London - FTSE 100: DOWN 0.2 percent at 7,424.13 points (close)
Paris - CAC 40: DOWN 0.3 percent at 5,266.12 (close)
Frankfurt - DAX 30: DOWN 0.5 percent at 12,733.41 (close)
EURO STOXX 50: DOWN 0.3 percent at 3,543.68
Tokyo - Nikkei 225: UP 0.1 percent at 20,132.67 (close)
Hong Kong - Hang Seng: FLAT at 25,670.05 (close)
Shanghai - Composite: UP 0.3 percent at 3,157.87 (close)
Euro/dollar: UP at $1.1197 from $1.1152 at 2100 GMT on Thursday
Pound/dollar: UP at $1.2723 from $1.2684
Dollar/yen: DOWN at 111.29 yen from 111.30 yen
Oil - Brent North Sea: UP 32 cents at $45.54 per barrel
Oil - West Texas Intermediate: UP 27 cents at $43.01 per barrel



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