The European markets fell for the third day on Thursday, as disappointing results from Daimler and ABB substantiated fears that the global economic slump is hurting profit growth.
The French business confidence declined to its lowest level since December 1993 as worsening credit crisis that had its epicenter in the U.S. intensified pessimism regarding general and personal production outlook. A monthly survey from the French statistical office INSEE showed that the business confidence index fell three points to 88 in October to reach the lowest since December 1993. The index stood below the expected reading of 89 for October. The personal production outlook in October fell to the lowest since July 1993.
UK retail sales fell less than anticipated in September from the previous month. At the same time, annual growth reached the lowest since February 2006. The Office for National Statistics or ONS said retail sales dropped 0.4% in September from the previous month, reversing August's 1.1% growth. However, retail sales declined less than the 0.7% fall expected by economists.
The London interbank offered rate, or Libor, for such loans dropped less than a basis point to 3.535% today, from 3.541% yesterday, the British Bankers' Association said. The overnight rate rose for the first time in 10 days, climbing 9 basis points to 1.21%.
Crude for December delivery rose $2.27 to $69.02 a barrel on the New York Mercantile exchange, by the time the European markets closed, as OPEC members met to decide whether to slash production to halt crude's slide. The contract rose as high as $69.41 a barrel earlier in the session.
The FTSEurofirst 300 index of pan-European blue chips closed 0.1% lower at 872.72 points, while the narrower DJ Stoxx 50 index fell 0.01% to 2,226.68 points.
Around Europe, Germany's DAX index fell 1.12% to 4,519.70, while the U.K.'s FTSE 100 index climbed 1.16% to 4,087.83 and Germany's DAX index rose 0.38% to 3,310.87.
ABB, the world's largest builder of electricity grids, plunged 19.4% after the company reported weaker-than-expected net profit and orders for the third quarter, as customers hesitated about investing in infrastructure.
French engineering company Alstom tumbled 10.5% and German engineering giant Siemens slipped 7.2%.
Daimler, the world's second biggest maker of luxury cars, fell 1.3%, the company lowered its full year revenue and earnings forecast after third quarter operating profit dropped by two-thirds. The company also suspended its share buyback program.
Mining stocks lost ground after copper led a retreat by base metals on the London Metal Exchange. BHP Billiton, the world's biggest miner, dropped 6.5%, while Anglo American, the second biggest, fell 2.8% and Rio Tinto, the third biggest, slipped 6.2%. Copper miner Antofagasta lost 5%.
Credit Suisse, Switzerland's second largest bank, lost 4.2% after the company's Chief Executive Officer Brady Dougan said he's ''cautious'' on the fourth quarter and expects markets to remain ''very challenging.''
On the other hand, heavily weighted oil stocks gained after crude oil prices rose. BP, Europe's biggest oil company, surged up 5%, while Royal/Dutch Shell, the second biggest, climbed 5.2% and Total, the third biggest, added 1.5%.
Nestle, the world's largest food company, rose 3.4% after the company after said its nine-month revenue increased 3.4% and raised its forecast for sales growth.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.