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European stocks retreated
European stocks retreated, with the Stoxx Europe 600 Index heading for its biggest weekly decline since September, as the Bank of France said that the euro area’s second-largest economy may contract in the fourth quarter.
France’s central bank said that the country’s economy may shrink in the fourth quarter as a survey of business confidence held near a two-year low last month.
Credit Agricole slid 3 percent to 5.74 euros. France’s third-largest bank posted a quarterly loss of 2.85 billion euros ($3.6 billion), wider than the 1.88 billion-euro average estimate of seven analysts surveyed by Bloomberg. The lender’s decision to sell its Emporiki Bank unit to Greece’s Alpha Bank SA cut total net income by 1.96 billion euros.
Lafarge declined 1.6 percent to 45.03 euros after reporting earnings before interest, taxes, depreciation and amortization that rose to 1.07 billion euros from 1.01 billion euros a year earlier. Analysts surveyed by Bloomberg had predicted Ebitda of 1.07 billion euros. The world’s biggest cement maker has rallied 66 percent this year.
FTSE 100 5,746.4 -29.65 -0.51%
CAC 40 3,397.65 -10.03 -0.29%
DAX 7,134.37 -70.59 -0.98%
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