Market news
23.07.2013, 17:22

European stocks close

European stocks declined from a seven-week high as a measure of U.S. manufacturing unexpectedly slumped, outweighing gains by companies from Royal KPN NV to Vivendi SA on plans to sell assets.

In the U.S., a measure of manufacturing in the region covered by the Federal Bank of Richmond unexpectedly slumped to minus 11 in July from a revised plus 7 the previous month. The median estimate of economists surveyed by Bloomberg had called for a reading of plus 9.

National benchmark indexes rose in 10 of the 18 western-European markets today. France’s CAC 40 and the U.K.’s FTSE 100 slipped 0.4 percent, while Germany’s DAX fell 0.2 percent.

KPN added 2.8 percent to 1.85 euros after the Dutch company agreed to sell its E-Plus mobile-phone business for 5 billion euros ($6.6 billion) to Telefonica’s German unit. KPN will take a 17 percent stake in Telefonica Deutschland Holding AG, which is controlled by Spain’s largest carrier, Telefonica. The shares rallied 13 percent yesterday when KPN confirmed it had held talks about selling the business.

Separately, KPN posted a second-quarter profit of 107 million euros, missing the average analyst estimate of 145 million euros. Telefonica gained 2.3 percent to 10.29 euros, while Telefonica Deutschland slipped 5.3 percent to 5.39 euros.

Vivendi advanced 2.4 percent to 16.08 euros. The media and telecommunications conglomerate said it has entered exclusive talks with Etisalat to sell a 53 percent stake in the Moroccan phone company for 4.2 billion euros.

Swatch Group AG advanced 1.7 percent to 538.50 Swiss francs. The biggest maker of Swiss watches said it expects a strong second half after first-half profit rose. Net income increased 6.1 percent to 768 million Swiss francs, the Biel, Switzerland-based company said in a statement.

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location