European Commentary
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

French Market Notably Lower

4/10/2012 6:19 AM ET

The French market, which opened after a four-day break, fell on Tuesday as investors reacted to the disappointing U.S. jobs data that was released on Good Friday. The Asian markets ended mixed while the U.S. index futures are higher before the beginning of the first-quarter reporting season.

The Euro Stoxx 50 index of eurozone bluechip stocks is declining 0.95 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is dropping 0.78 percent.

The CAC 40 index is currently losing 1.23 percent.

STMicroelectronics is declining 4.35 percent after cutting its gross margin outlook.

Renault and Peugeot are losing 3.8 percent and 3.5 percent, respectively.

Lenders Societe Generale, BNP Paribas and Credit Agricole are falling between 2.5 percent and 1.3 percent.

Sanofi, Air Liquide and Essilor International are in positive territory.

EDF is marginally higher reportedly after a broker upgrade.

Air France-KLM is slightly up. The airline reported higher traffic and capacity for March.

Elsewhere in Europe, the German DAX is losing 0.84 percent and the UK's FTSE 100 is falling 0.78 percent. Switzerland's SMI is dropping 0.80 percent.

In economic news, Germany's merchandise trade surplus increased more than economists expected in February, data released by the Federal Statistical Office showed.

Meanwhile, France's gross domestic product remained flat in the first quarter, the Bank of France reiterated in a monthly survey report.

Eurozone investor confidence deteriorated for the first time in four months in April, results of a survey by the think tank Sentix showed. The confidence index came in at -14.7 in April compared to -8.2 in March and -11.1 in February.

Across Asia/Pacific, markets had a mixed outing. Australia's All Ordinaries dropped 0.65 percent and Hong Kong's Hang Seng retreated 1.15 percent.

Japan's Nikkei 225 slipped 0.09 percent after the Bank of Japan maintained its benchmark interest rate near zero and refrained from announcing additional stimulus amid signs that economic activity is gradually gathering pace.

China unexpectedly posted a trade surplus in March, as import growth slowed significantly despite government's efforts to shift towards domestic consumption-led economic growth. The Shanghai Composite Index gained 0.88 percent.

In the U.S., futures point to a higher open on Wall Street. In the previous session, stocks saw continued weakness in negative reaction to Friday's monthly jobs report, generating broad-based selling pressure. The Dow fell 1 percent, the Nasdaq dropped 1.1 percent and the S&P 500 slid 1.1 percent.

In the commodity space, crude for May delivery is sliding $0.58 to $101.88 per barrel while June gold is rising $0.5 to $1644.4 a troy ounce.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Market Analysis

comments powered by Disqus