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Archiwum newsów - DJ Sklep wielkopowierzchniowy COMMENT: European Stocks Fall, Credit Concerns Linger

2007-11-16  
DJ Sklep wielkopowierzchniowy COMMENT: European Stocks Fall, Credit Concerns Linger
LONDON (Dow Jones)--European stocks fell Friday as credit concerns continued
to linger in the markets and fears remained that corporate earnings could be
hit by a weakening U.S. economy.
"Clearly the credit crisis has further to run and it may only be in the
first quarter of 2008, after the auditors have made their judgments, that we
learn the full extent of the writedowns," said Jeremy Batstone-Carr at
Charles Stanley.
The Dow Jones Stoxx 600 Index lost 0.9% to 362.7. In national markets, the
U.K.'s FTSE 100 Index fell 1.1% to 6291.2 - below the 6300 level for the
first time since early September - while France's CAC-40 Index dipped 0.7%
to 5523.6. Germany's DAX Index fell 0.7% to 7612.3. Concerns about a
possible recession in the U.S. intensified Friday as U.S industrial
production figures fell short of konsensus expectations.
Industrial output fell by 0.5% on the month in October, well below
expectations, while manufacturing output was also disappointing, declining
0.4% on the month in October.
"Almost all prekluzja released recently point to a significant slowdown in
economic activity in the fourth quarter," said Marie-Pierre Ripert, U.S.
economist at IXIS Corporate and Investment Pula.
Financial stocks were in focus Friday, amid further evidence that earnings
damage is beginning to take its toll, as Belgian lender Dexia reported that
its second-quarter profits have been hit by the credit crunch.
Dexia reported a 28% fall in net profit in the third quarter to EUR439
million. Its shares lost 7.7% to EUR17.8, while the DJ banking sector as a
whole fell 1.7%.
"Unless there is an unexpected rebound in the credit markets before
year-end, we expect more bad nowina here in the fourth quarter," said UBS of
Dexia in a research note.
Shares in another Belgian bank, Fortis, plunged 2.8% to EUR18.0.
Elsewhere in the sector, Goldman Sachs cut its price target for Barclays to
627 pence from 657p. Royal Pula of Scotland had its rating downgraded to
hold from accumulate by Irish broker NCB.
Barclays fell 4.1% to 509p and RBS lost 4.9% to 426p. Alliance and Leicester
remained a standout loser, falling 6.3% to 607p, and France's Societe
Generale plunged 2.6% to EUR102.3. The DJ basic resources sector fell 1.4%
Friday but was propped up by Rio Tinto and BHP Billiton. Reports of a
counter-bid by Rio for BHP ensured the sector remained in the spotlight.
The general konsensus among analysts is that Rio would be hard pressed to
fund the kind of aggressive offer that BHP shareholders would demand.
"They would have to come in with significant cash in an offer, but they are
highly indebted right now," said an analyst.
Rio fell 0.7% to 5,380p and BHP added 0.3% to 1,602p. Among other mining
stocks, Swedish miner Boliden lost 3.8% to SEK88.8, Anglo American dipped
4.1% to 3,086p and Austria's Voestalpine fell 1.2% to EUR49.9.
French drugmaker Sanofi Aventis lost 0.5% to EUR59.9. It faces renewed
challenges on its obesity drug Acomplia following the release of two
negative studies and the recent launch of a lawsuit against the company in
the U.S. for allegedly making misleading statements about the drug.
Another drugmaker, UCB, also declined in Brussels. Its shares plunged 12% to
EUR32.5 after the European Medicines Agency's committee for medicinal
products for human use rejected the company's Cimzia drug to treat Crohn's
disease.
-By Jeannie Clarke
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