European markets move lower amid earnings

Business


The pan-European Stoxx 600 closed provisionally 0.37 percent higher with the majority of different sectors in buy mode.

The media sector was the worst performer in late morning trade, down by more than 1 percent. That basket was not helped by news that Ford was trimming its business with advertising conglomerate WPP.

Among household goods, Reckitt Benckiser dropped nearly 2 percent after J.P. Morgan cut its target price, dragging toward the bottom of the FTSE 100.

The main market driver Monday was earnings. The manufacturing firm Rotork closed up by more than 10 percent after strong first-quarter results.

Swiss bank UBS reported better-than-expected first-quarter earnings with net profit up 19 percent. The shares were, however, down by 2.5 percent by Monday’s close.

Philips also released its first-quarter earnings, with sales coming in at 3.9 billion euros ($4.79 billion). The stock rose more than 5 percent across the session.

Capita shares rocketed to the top of the Stoxx 600 rising more than 13 percent on Monday. After heavy losses, the firm announced a £700 million pound cash call. Investors are encouraged after banks promised to scoop up any unsold new share capital.



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