EUROPE MARKETS: European Stocks Fall, Beaten Down By BOJ Dismay
28 Abril 2016 - 6:35AM
Dow Jones News
By Carla Mozee, MarketWatch
Electrolux surges after results
European stocks dropped Thursday, as the Bank of Japan's
decision not to launch fresh stimulus measures shook markets.
Meanwhile, Spanish bank shares sold off on disappointment over
financial results.
The Stoxx Europe 600 lost 1.2% to 344.32. No sector traded
higher. Health care, financial and consumer services shares were
among those posting the sharpest losses. The index on Wednesday
rose 0.3%
(http://www.marketwatch.com/story/european-stocks-slip-as-investors-sift-through-earnings-wait-for-fed-2016-04-27),
scoring a second consecutive gain.
Japan jolt: Thursday's losses tracked declines in Asian markets,
which came after the Bank of Japan left its current level of asset
purchases unchanged
(http://www.marketwatch.com/story/no-additional-stimulus-from-bank-of-japan-negative-rate-holds-2016-04-27)
and kept interest rates on hold.
The "decision to forgo additional easing today came as a major
disappointment to markets and resulted in a sharp appreciation of
the yen," said Marcel Thieliant, Japan economist at Capital
Economics, in a note.
"We think it is still only a question of when, not if, the Bank
decides to step up the pace of easing," he added.
The yen surged 3% against the U.S. dollar , while the Nikkei
Stock Average closed 3.6% lower. The greenback also lost ground
against the euro , which was up 0.3% at $1.1354.
Spanish banks: Spain's IBEX 35 was yanked down 2.5% to 9,102.15,
with shares of BBVA SA (BBVA) tumbling 8% after the bank posted a
54% drop in first-quarter net profit
(http://www.marketwatch.com/story/bbva-net-profit-slides-54-on-year-2016-04-28).
The profit of 709 million euros ($802.8 million) was below
expectations.
CaixaBank SA (CABK.MC) stock also dragged on the IBEX. The
lender's shares were down 4.9% after it said its first-quarter net
profit fell 27%, missing expectations
(http://www.marketwatch.com/story/caixabank-net-profit-falls-27-on-year-2016-04-28).
Indexes: Germany's DAX 30 was off 1.4% at 10,153.33, while
France's CAC 40 fell 1.5% to 4,487.73.
Italy's FTSE MIB gave up 0.9% at 18,576.39, and the U.K.'s FTSE
100 declined 1.5% to 6,227.63.
Other movers: Electrolux AB (ELUXY) shares jumped 8.7% after the
Swedish household appliance maker's first-quarter profit beat
expectations
(http://www.marketwatch.com/story/electrolux-profit-beats-views-on-higher-demand-2016-04-28).
Weir Group PLC (WEIR.LN) shares climbed 7.8% as the energy
engineering services company forecast first-half profit to come in
slightly ahead of market estimates.
(http://www.marketwatch.com/story/weir-1h-profit-to-be-ahead-of-market-estimates-2016-04-28)
Deutsche Bank AG (DBK.XE) shares gained 2% although the German
lender said first-quarter earnings fell 58%
(http://www.marketwatch.com/story/deutsche-bank-income-down-58-on-tough-markets-2016-04-28).
(END) Dow Jones Newswires
April 28, 2016 05:20 ET (09:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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