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Tcl Asssociates Europe Review – Markets Edge Down As Investors Wait For Fed

By Author: TCL Associates
Total Articles: 13

The Pan European Stoxx Europe 600 fell on Tuesday to its lowest closing level this month, dropping 0.8% to 302.25. Analysts at TCL Associates suggest investors are apprehensive about taking any positions before the release of the latest minutes from the United States Federal Reserve meeting on Wednesday. It is difficult to forecast what will happen, last week there was a large sell off after the release of strong data on employment that suggests tapering will soon take effect.

Most country specific indices were down in Europe on Tuesday. In London the FTSE 100 Index fell to 6,453.46 points losing 0.2%, the German DAX 30 Index lost 0.8%, and in Paris the CAC 40 Index declined 1.4%.

Shares of the mining firm BHP Billiton PLC declined 1.7% after the firm saw a decline in net profit of 20% for the fiscal year ending in June, while revenue declined 8.7%. But another mining giant Fresnillo climbed 2.25% as it prepares a dividend payment. The oil services firm John Wood Group PLC declined 8% after readjusting its growth range to 10% from 15%.

Drug manufacturer Novartis AG rose 1.4% after the American Food and Drug Administration gave “breakthrough” status to one of its treatments for the treatment of patients with sporadic inclusion body myositis.

Online gambling firm Ladbrokes PLC jumped 3.1% after Deutsche Bank raised the firm from hold to buy.

German property group GSW Immobilien AG soared 6.3% after Deutsche Wohnen AG issued an all share bid for the firm. Deutsche Wohnen AG proposed an offer 51 shares for 20 GSW shares.

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