4:00 PM Frankfurt BNP Paribas missed profit estimate. BP forecasted energy production growth as it ramps seven projects. Jenoptik plunged despite revenues and profit jumped. Intesa Sanpaolo profit more than doubled and the bank unveils new strategy. Munich Re declined on weak forecast.
In London trading, FTSE 100 index declined 118.12 or 1.6% to 7,216.26 and in Frankfurt the DAX index plummeted 175.10 or 1.4% to 12,505.43.
In Paris, CAC 40 index plunged 70.26 or 1.3% to 5,215.56.
BNP Paribas SA
declined 3.6% to 63.02 after France-based banking and financial services provider reported revenues in the year ending in December slid 0.6% from a year ago to 43.2 billion.
Net profit in the period rose 0.7% to 7.8 billion from 7.7 billion in a year ago period and diluted earnings per share increased to 6.05 from 6.00.
The bank said pre-tax profit in the year advanced 0.9% to 11.3 billion but operating income declined 4.3% to 10.3 billion from a year ago period.
slipped 0.9% to 477.67 pence after the U.K.-based oil and gas producer said total revenues in the fourth-quarter ending in December soared 34.4% from a year ago to $70 billion.
Net income in the quarter tumbled 88.4% to $63 million from $543 million in the same period a year ago period and diluted earnings per share slumped to 14 cents from $2.60.
BP estimated fiscal 2018 production to be higher than in 2017 due to the ramp up of seven new major projects boosting oil and gas production but production in first-quarter 2018 may be flat from the fourth-quarter 2017.
plunged 7.8% to 30.36 after Germany-based optoelectronics equipment maker stated revenues in the year ending in December soared 9.2% from a year ago to 748 million and operating profit surged 17.6% to 78 million.
Intesa Sanpaolo SpA
gained 1.8% to 3.14 after Italy-based investment banking services provider reported net interest income in the year ending in December fell 0.4% from a year ago to 7.2 billion.
Net profit in the period more than doubled to 7.3 billion from 3.5 billion in a year ago period.
The lender said operating income in the year increased 1.2% to 17.4 billion and operating costs rose 0.4% to 9.2 billion from a year ago period.
In 2017, the bank participated in rescuing two regional banks and government liquidated the regional banks'' bad assets.
dropped 5.1% to 181.60 after Germany-based reinsurer said gross premiums written in the year ending in December grew 0.4% from a year ago to 49.1 billion.
Net profit in the period plunged 85% to 375 million from 2.6 billion in a year ago period.
The insurer is scheduled to release its annual financial results on March 15.
jumped 3.1% to 585.20 Danish kronor after Denmark-based jewelry manufacturer said it plans to launch a share buyback program for up to 8.5 million shares or as much as 4 billion kronor.