European Shares Extend Slide As Wall Street Rally Stalls

17.02.17 11:56

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks fell for the second day running on Friday after Wall Street's record-breaking rally stalled overnight on uncertainties over the U.

S. fiscal and monetary policies.

The day's economic reports also disappointed investors, with U.K. retail sales falling unexpectedly in January for the third straight month amid an uptick in inflation, while the euro area current account surplus declined to a seasonally adjusted 31 billion euros in December from 36.4 billion euros in November.

The pan-European Stoxx Europe 600 index was down 0.56 percent at 368.04 in late opening deals after declining 0.4 percent on Thursday. The U.K.'s FTSE 100 was marginally lower while the German DAX was losing 0.4 percent and France's CAC 40 index was down 0.8 percent.

Banks led losses after U.S. bond yields eased overnight in the wake of dovish comments from influential Fed policy maker William Dudley. Commerzbank, Deutsche Bank, BNP Paribas, Societe Generale and Royal Bank of Scotland lost 2-3 percent.

Investors were also digesting U.S. President Donald Trump's remarks on Thursday that he had inherited a mess at home and abroad.

A slide in iron ore prices weighed on the mining sector, with Anglo American, Antofagasta, BHP Billiton and Rio Tinto declining 1-2 percent.

Allianz shares climbed 2.5 percent. The German insurer announced a share buyback program worth up to 3 billion euros after posting solid fourth-quarter results.

Dutch rival Aegon lost 1 percent despite reporting better-than-expected underlying earnings for the fourth quarter.

Shares of oil and chemical storage firm Vopak fell as much as 9 percent after its 2016 core profit missed estimates.

Drugmaker Stada Arzneimittel gained 1 percent on saying the open-minded talks with the two potential bidders are continuing.

Copyright RTT News/dpa-AFX


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