Danone rises after posting solid non-European sales
By Sara Sjolin, MarketWatch
LONDON (MarketWatch) — European stock markets were on track for a third straight day of losses on Tuesday, as concerns about global growth remained in the spotlight after recent weaker-than-expected data in both China and the U.S.
Later in the day, attention turns to Germany’s ZEW economic sentiment indicator to gauge the economic development in Europe’s largest economy.
The Stoxx Europe 600 index XX:SXXP -0.44% shed 0.3% to 289.56, adding to a 0.7% loss from Monday.
The losses at the beginning of the weak came as China posted first-quarter gross-domestic-product growth below expectations and the New York Fed’s Empire State index fell to the slowest reading since January.
Asia stocks closed lower on Tuesday, while U.S. stock futures pointed to a higher open on Wall Street.
Back in Europe, shares of LVMH Moët Hennessy Louis Vuitton FR:MC -3.43% dropped 3.3% in Paris, after the luxury retailer posted sluggish sales growth at its main fashion and leather goods businesses.
On a more upbeat note in France, Danone SA FR:BN +3.75% climbed 3.8%, as the yogurt maker said sales in the Asia-Pacific, Latin America, Middle East and Africa regions offset weakness in the European market.
The CAC 40 index FR:PX1 -0.43% gave up 0.3% to 3,698.55.
In Germany, the DAX 30 index DX:DAX -0.51% lost 0.6% to 7,672.28, with shares of utility firm E.ON. SE DE:EOAN -1.80% off 1.7%.
The U.K.’s FTSE 100 index UK:UKX -0.48% declined 0.5% to 6,312.48. Associated British Foods PLC UK:ABF -1.98% shaved off 2.2%, after Credit Suisse cut the firm to neutral from outperform.
Mining firms were mostly higher, recouping after a broad-based selloff the prior day triggered by weak Chinese data and large declines in metals prices. Fresnillo PLC UK:FRES +5.19% gained 4.7%, Eurasian Natural Resources Corp. UK:ENRC +4.54% added 4.5% and Rio Tinto PLC UK:RIO +1.83% AU:RIO -0.20% RIO -5.88% picked up 1.9%. Metals prices were mixed.
Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.
