King Salman Global Academy for Arabic Language launches program with Indiana University    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    China retaliates against Trump's trade war with 34% reciprocal tariffs on US goods    Saudi Arabia condemns Israeli escalation, targeting of civilians and Saudi warehouse in Gaza    Danish PM dismisses US desire to annex Greenland 'You cannot annex another country'    Bulgaria's government survives no-confidence vote brought by pro-Russia party    Saudi Crown Prince, Iranian president discuss regional developments in Eid phone call    Rain expected in Makkah and Jeddah on Saturday    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Tesla sales plunge after backlash against Elon Musk    Musk's X is suing India, as Tesla and Starlink plan entry    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



European stocks end lower
Published in Saudi Press Agency on 27 - 04 - 2007


European shares ended lower Friday as the
euro hit an all-time high against the dollar after weak
U.S. growth data, with oil producers leading the downturn.
Spanish property stocks continued to decline.
The U.K. FTSE 100 index declined 0.8 percent to 6,418.70,
the German DAX Xetra 30 index lost 0.1 percent to 7,378.12
and the French CAC-40 index slipped 0.2 percent to
5,930.77, according to AP.
«There's a bit of profit taking with investors
repositioning away from possible bubble stocks and
economies such as Spain,» said Andrew Lynch, a European
fund manager at Schroder Investment Management.
Spain's Ibex-35 index fell 1.4 percent to end at
14,403.60, with Grupo Immarcal dropping 2.3 percent in what
has been a disastrous week for Spanish property and
construction stocks.
Lynch added that the currency market is having a bit of an
impact on equities, with the euro continuing to trade over
US$1.36 against the dollar, rising as high as US$1.3682
after the U.S. economic data.
«This could put a crimp in earnings growth for
exporters,» said Lynch. Of exporting autos companies, BMW
shares lost 1.3 percent and Volkswagen shares slipped 0.8
percent.
French automaker Peugeot, however, rose 0.9 percent after
the company said late Thursday it will cut 4,800 jobs this
year. It also reported improving revenue.
Oil companies were lower, with Statoil down 2.3 percent
after making a US$2 billion acquisition of a Canadian oil
sands producer. BP dropped 1.7 percent and Royal Dutch
Shell fell 1.3 percent.
Brewer Scottish & Newcastle rose 6.8 percent as a
fundraising move by Danish brewer Carlsberg sparked further
deal hopes in the European brewing sector. Carlsberg
finished flat.
Dutch bank ABN Amro was up 1.2 percent after a consortium
including Royal Bank of Scotland, Banco Santander and
Fortis said they intend to launch an unsolicited bid for
ABN Amro. Earlier in the week ABN Amro agreed to be bought
by Barclays, shares of which rose 1 percent in London.
Royal Bank of Scotland shares dipped 1.5 percent,
Santander shares lost 2.4 percent and Fortis shares
declined 1.7 percent. Banco Santander also said
first-quarter net profit rose 20.7 percent, topping analyst
forecasts due to strong growth in net interest income and
fees.
Shares in Deutsche Post climbed 5.3 percent and Deutsche
Postbank rose 2.3 percent in Frankfurt, buoyed by takeover
speculation.
Infineon Technologies traded down 2.3 percent after
Europe's second-largest chipmaker said its net loss
narrowed in the second quarter. The results missed
analysts' expectations as restructuring costs and lower
sales ate into the bottom line.
Dassault Systemes climbed 6.8 percent in Paris after the
computer software company reported a 15 percent rise in
revenue and raised its revenue goal for the year.
Dutch staffing group Vedior rose 4.9 percent after the
company said first-quarter profit rose 44 percent, which
was stronger than expected, and as CEO Zach Miles will step
down early.
-- SPA


Clic here to read the story from its source.