4:00 PM Frankfurt – European markets were little changed, driven mostly by mixed earning reports. Adidas profit surged 10% on 18% increase in revenues. AstraZeneca net slipped and forecasted flat revenues for the year. Credit Agricole plunged after revenues declined. Deutsche Telekom net jumped 60%. HeidelbergCement profit surged.
Stocks across Europe edged lower after the European Commission lowered its growth assessment and inflation outlook.
The European Commission decreased its growth and inflation outlook for 2016 based on difficult challenging global conditions, lower oil prices and, a weaker euro.
The EC expects the combined GDP of the 19 countries in the euro zone to grow by 1.8% in 2016, down from the previous growth estimate of 1.9%.
German manufacturing orders, adjusted for seasonal and calendar effects, fell 1.7% in September from the previous month due to a decline in foreign demand. Domestic and Eurozone orders continue to support manufacturing.
Seasonally adjusted retail trade in September fell 0.1% from July in euro area but rose 0.3% in the wider region EU28. In August retail trade remained stable in the euro area and in the EU28.
Retail sales index jumped 2.9% from a year ago month in the euro area and 3.7% in the wider region EU28, the Statistical Office of the European Communities said.
In London trading, FTSE 100 index slipped 20.91 or 0.3% to 6,392.23 and in Frankfurt the DAX index rose 56.12 or 0.5% to 10,901.51.
In Paris, CAC 40 index increased 42.25 or 0.8% to 4,989.72.
The European mining index fell 1.7% because of the pressure on metal prices from a rally in the dollar.
surged 8.7% to €89.16 after the Germany-based athletic and sports lifestyle products reported revenues in the third-quarter ending in September soared 17.8% from a year ago to €4.76 billion.
Net profit in the quarter surged 10.4% from a year ago to €311 million compared to €284 million and diluted earnings per share jumped to €1.55 from €1.35.
jumped 3.9% to 4,287 pence after the U.K.-based biopharmaceutical company said total revenues in the third-quarter ending in September declined 10% from a year ago to $5.95 billion.
Net income in the quarter slipped 2.2% from a year ago to $1.30 billion compared to $1.33 billion and diluted earnings per share fell to $1.03 from $1.05.
AstraZeneca forecasted revenues for the year now expected to be flat and earnings to increase in the mid to high single digit percentages.
Credit Agricole SA
plunged 7.5% to €10.88 after the France-based said bank trading revenue in the third-quarter ending in September dropped 2% from a year ago to €3.92 billion and net profit soared €930 million from a year ago period.
Deutsche Telekom AG
fell 0.9% to €16.66 after the Germany-based communication services provider reported revenues in the third-quarter ending in September advanced 9.3% from a year ago to €17.1 billion.
Net profit in the quarter jumped 60% from a year ago to €809 million compared to €506 million and diluted earnings per share increased to €0.18 from €0.11.
increased 3.1% to €70.39 after the Germany-based cement producer said revenues in the third-quarter ending in September jumped 3% from a year ago to €3.61 billion.
Net profit in the quarter soared 25% from a year ago to €520 million compared to €417 million and diluted earnings per share jumped to €2.55 from €1.96.
Societe Generale SA
soared 5.9% to €44.99 after the France-based retail banking services provider reported revenues in the third-quarter ending in September advanced 8% from a year ago to €6.36 billion.