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European markets are feeling the pinch from disappointing earnings. Yahoo Finance’s Alanna Petroff has details from London.
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Italian stocks were trading sharply lower on Friday as the drama of the country’s budget plan erupted anew and pushed up its sovereign bond yields amid worries that a market-disrupting conflagration between the European Union and Rome won’t be averted.
European stocks tumbled again on Friday as a showdown between Italy's populist government and the European Union heated up and weak results from Michelin and Bouygues reignited investors' concerns about auto and construction stocks. Euro zone stocks fell 0.8 percent while the pan-European STOXX 600 (.STOXX) was down 0.4 percent and Italy's top stock index (.FTMIB) slid 1.2 percent. Italy's bank stocks index fell 2.9 percent to a 22-month low as government bonds were sold off.
Bouygues' (BOUY.PA) shares fell sharply in early trading on Friday after the French conglomerate lowered its full year operating profit forecast, citing difficulties at its construction businesses during the third quarter. The family-controlled group - which also owns France's biggest private TV broadcaster TF1 (TFFP.PA) and mobile phone company Bouygues Telecom - said late on Thursday it was now targeting a stable or a slightly lower current operating profit in 2018 versus 2017 for the company as a whole. Analysts expressed surprise at Bouygues' update given that two weeks earlier, the company had said at an investor presentation that it remained upbeat over its construction arm.
European stocks managed a modest rise on Friday, recovering from the previous session's sharp fall thanks to a recovery in oil prices, while weak results from Michelin and Bouygues reignited investors' concerns about autos and construction stocks. Italian stocks tumbled 0.4 percent after a ramp-up in rhetoric from the European Commission with Brussels sending Rome a letter demanding an explanation for its budget plans which represented an "unprecedented" breach of EU fiscal rules. Italy's bank stocks index tumbled 1.2 percent.
Asian stocks clawed back losses on Friday as China's efforts to bolster investor confidence helped its share markets rally, although data showing the world's second-largest economy growing at the slowest pace since 2009 capped broader gains. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 percent after earlier falling as much as 0.9 percent ahead of the release of China's latest GDP reading. Spreadbetters in Europe expect shares in Germany, where big exporters are sensitive to the health of China's economy, to fall at the open, with the DAX seen opening down 0.15 percent.
Europe’s main equity benchmarks finish Thursday’s session lower after spending much of the day trading in the green thanks to better-than-expected corporate results.
BEIJING (AP) — Asian stock markets sank Friday after Wall Street declined on losses for tech and industrial stocks and Chinese economic growth slowed.
BANGKOK (AP) — Shares fell Thursday in Asia after a retreat on Wall Street driven by sell-offs of technology shares, homebuilders and retailers. A report of weaker Japanese exports in September underscored uncertainties over the outlook for trade.