4:00 PM Frankfurt Credit Agricole reported weak trading revenues. Engie profit declined after asset disposals in the U.S. and Indonesia. Munich Re said natural catastrophe losses dominate third quarter results. Siemens industrial profit declined and highlighted struggles in turbine and wind power businesses.
In London trading, FTSE 100 index dropped 40.02 or 0.5% to 7,489.47 and in Frankfurt the DAX index slumped 195.48 or 1.5% to 13,189.26.
In Paris, CAC 40 index declined 63.42 or 1.2% to 5,405.83.
jumped 2.4% to 11.99 after Germany-based private and corporate financial services provider said revenues in the nine-month ending in September were flat from a year ago to 6.97 billion.
Net profit in the period plunged 31.3% to 66 million from 96 million in a year ago nine-month period and diluted earnings per share dropped to 0.05 from 0.08.
The lender said the cost base in fiscal 2017 is estimated to be below 7.1 billion and loan loss provisions is likely to be about 800 million and the bank is expecting slightly positive net result for the year as a whole.
Credit Agricole SA
fell 0.3% to 89.13 after France-based financial services provider said group revenues in the nine-month ending in September jumped 6.8% from a year ago to 24.1 billion.
Net profit in the period surged 35.1% to 5.6 billion from 4.2 billion in a year ago nine-month period and diluted earnings per share advanced to 1.03 from 1.07.
Engie SA, formerly GDF Suez SA
gained 1.4% to 14.98 after France-based natural gas and electricity supplier reported revenues in the nine-month ending in September rose 1.3% from a year ago to 46.8 billion and operating profit declined 10.5% to 3.6 billion.
Engie said declined in profit was driven by disposals of power generation asset in the U.S. and divestment of power plant in Indonesia.
The energy services provider reaffirmed fiscal 2017 after-tax income between 2.4 billion and 2.6 billion after indicative operating profit between 9.3 billion and 9.9 billion.
Separately yesterday, the electricity supplier agreed to sell-off upstream and midstream liquefied-natural gas business to Total SA for as much as $2.04 billion.
The transaction is expected to complete in the mid of fiscal 2018.
Muenchener Rueckversicherungs Gesellschaft AG
gained 0.4% to 197.05 after Germany-based reinsurance services provider said gross premiums written in the nine-month ending in September rose 0.6% from a year ago to 37 billion.
Net in the period swung to a loss of 155 million from profit of 2.1 billion in a year ago nine-month period and diluted loss per share swung to 1 from diluted earnings per share of 12.99.
Munich Re estimated losses from the recent hurricanes Harvey, Irma and Maria in the U.S. of 2.7 billion but so far in the fourth-quarter catastrophe and man-made losses remain within expectations.
The claims from man-made losses in the period totaled 635 million.
The major losses from natural catastrophes in the third quarter have had a substantial impact on our result, said chief financial officer Jorg Schneider.
slumped 3.1% to 119.45 after Germany-based diversified conglomerate reported revenues in the fourth-quarter ending in September increased 2% from a year ago to 22.3 billion.
Net profit in the period jumped 10% to 1.3 billion from 1.2 billion in a year ago nine-month period and diluted earnings per share advanced to 1.57 from 1.42.
Siemens said profit in the industrial segment plunged 10% to 2.2 billion and margin fell to 9.7% from 10.9% but as of September 30 order backlog was about 126 billion.
However, industrial conglomerate signaled tough year ahead as it restructures its turbine and wind power businesses.
""We have to tackle structural issues in some individual businesses, as there is a lot of work ahead of us in fiscal 2018,"" said chief executive officer Joe Kaeser.
In the news conference he added ""We have understood that conglomerates of the old-fashioned kind have no future.""