Arab Today, arab today european stocks hit by weak eurozone data
Last Updated : GMT 18:22:38
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European stocks hit by weak eurozone data

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Arab Today, arab today European stocks hit by weak eurozone data

Frankfurt's DAX 30 index slips 0.2% in morning trade
London - AFP

European stock markets fell Friday, extending the previous session's heavy slides, as traders reacted to weak eurozone data and lingering concerns over China.

Equities are being weighed down by a slump in commodity prices caused largely by weaker Chinese demand. Additional downward pressure is coming from increased expectations of a long-awaited US rate hike in December.

Company earnings, including from the likes of British aircraft engines maker Rolls-Royce and German energy giant E.ON have also disappointed this week.

In late morning deals, London's benchmark FTSE 100 index was down 0.7 percent compared with Thursday's close.

In the eurozone, Frankfurt's DAX 30 index slipped 0.2 percent and the Paris CAC 40 lost 0.4 percent.

The FTSE and CAC both ended Thursday's sessions with losses of almost 2.0 percent.

"It's worth noting that the market was primed for some form of correction following a good five weeks for investors," said Craig Erlam, senior market analyst at Oanda trading group.
Growth in the 19-nation eurozone slowed to 0.3 percent in the third quarter, official data showed on Friday, with the economy in powerhouse Germany cooling as France returned to expansion.

Bailed-out Greece meanwhile contracted sharply by 0.5 percent in the third quarter as capital controls this summer threw the economy into disarray.

Worryingly as well, the economy in recovery standout Portugal slowed to a standstill as domestic demand fell sharply.

"Slower eurozone GDP growth... will intensify already strong belief that the ECB will deliver more stimulus at its December policy meeting," said Howard Archer, chief European economist research group IHS Global Insight.

Expectations of more economic stimulus from the European Central Bank weighed on the euro.

The dollar rose against its major rivals also after several top Federal Reserve officials cautiously hinted at a US interest rate hike at next month's policy meeting.
"It is hard now not to conclude that additional monetary easing by the ECB on 3rd December is fully priced in the markets," said Derek Halpenny, European head of markets research at Bank of Tokyo-Mitsubishi UFJ.

In Asia on Friday, energy companies from Australia to China tumbled -- tracking similar falls the day before in the US and Europe -- as falling commodities prices stoked fears over the global outlook.

Growth in global demand for crude is meanwhile set to slow next year as the allure of cheap oil fades, the International Energy Agency (IEA) said.

Oil has been in oversupply in world markets this year, easily absorbing strong demand from Europe, China and especially India.

Key figures around 1030 GMT

London - FTSE 100:       DOWN 0.7 percent at 6,135.78 points

Frankfurt - DAX 30:        DOWN 0.2 percent at 10,756.99

Paris - CAC 40:                DOWN 0.4 percent at 4,836.33

EURO STOXX 50:            DOWN 0.4 percent at 3,375.40

Tokyo - Nikkei 225:        DOWN 0.5 percent at 19,596.91 (close)

Euro/dollar:                     DOWN to $1.0771 from $1.0814 in late US trade Thursday

Dollar/yen:                       UP to 122.66 yen from 122.60 yen

 

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