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April 22, 2013, 11:59 a.m. EDT

Europe stocks trim gains after U.S. housing data

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By Sara Sjolin, MarketWatch

LONDON (MarketWatch) — European stocks trimmed gains on Monday after U.S. home sales unexpectedly declined in March, while bank shares rallied after Italy re-elected its president.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.10% gained 0.2% to close at 285.68, after trading as high as 287.87 during the session.

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The index dropped 2.5% last week after Chinese growth data missed expectations. Year-to-date, however, the index is up 2.1%.

“We’re going through a choppy period and markets are reacting to data as it comes in. The data we’ve seen today were slightly down compared to expectations,” said Peter Dixon, strategist at Commerzbank.

“The market is sensitive to growth stories, but this [move] looks a little overdone. There are bigger things to worry about and bigger numbers to react to. The simple truth is that markets are so concerned about growth, we’ve seen that over the last week or two, that anything that gives investors cause for concern will trigger a selloff,” he added.

Among notable movers in Europe, shares of Delhaize Group jumped 11% after the Belgian food retailer reported a 3.8% increase in first-quarter organic revenue growth.

Royal Philips Electronics NV /zigman2/quotes/204604645/delayed NL:PHIA +0.21% sank 5.2%, after the firm said it continues to see a slow first half of the year due to difficult market trends, particularly in Europe and the U.S.

Norwegian fertilizer firm Yara International ASA /zigman2/quotes/200075065/delayed NO:YAR +0.55% lost 4% after reporting a 25% fall in first-quarter profit.

The broader European stock markets curbed gains in the afternoon, after data from the U.S. showed existing-home sales unexpectedly declined 0.6% in March to a seasonally adjusted annual rate of 4.92 million.

U.S. stocks traded lower on Wall Street.

Earlier in the day, most bourses in Europe had mirrored gains in Asia, where a statement from the Group of 20 major economies helped send the yen tumbling in the overnight session and boosted stock markets. The G-20 leaders refrained from criticizing Japan for policies that recently sent the yen to multiyear lows, which was widely interpreted as the international community offering its support for Tokyo’s monetary stimulus. See: Approval ratings for Japan PM jump as Abenomics takes hold .

Back in Europe, Italian shares posted solid gains after the Italian parliament over the weekend re-elected Giorgio Napolitano as president, ending weeks of uncertainty and sparking hopes for a more stable outlook.

“He has already called for the political parties to work together and is expected to push for a broad coalition government. We doubt that he will succeed and believe that he may soon call for new general elections instead. He now has the power to do that,” Danske Bank said in a note.


Reuters Enlarge Image
Italy stocks rise on Monday, after Giorgio Napolitano over the weekend was re-elected as president.

Italy’s FTSE MIB index jumped 1.7% to 16,021.71. Shares of Banco Popolare SC added 4.5%, UniCredit SpA /zigman2/quotes/200769686/delayed IT:UCG -0.08% gained 2.7% and Intesa Sanpaolo SpA /zigman2/quotes/206161760/delayed IT:ISP +0.81% picked up 1.8%.

The yield on 10-year Italian government bonds fell 15 basis points to 4.06%, according to electronic trading platform Tradeweb.

Banks were also rising in France, with shares of Credit Agricole SA /zigman2/quotes/209264506/delayed FR:ACA +0.55% 1% higher and Société Générale SA /zigman2/quotes/206663756/delayed FR:GLE +1.50%  rising 0.9%.

Investment bank Natixis /zigman2/quotes/207978364/delayed FR:KN +0.83% rose 4.3%, after Credit Suisse lifted the firm to outperform from neutral. The CAC 40 index /zigman2/quotes/210597958/delayed FR:PX1 +0.52% closed slightly higher at 3,652.13.

Germany’s DAX 30 index /zigman2/quotes/210597999/delayed DX:DAX +0.27% gained 0.2% to 7,478.11, breaking a six-day losing streak. ThyssenKrupp AG /zigman2/quotes/207409543/delayed DE:TKA -1.64%  gained 0.6%, after the industrial conglomerate appointed two new board members.

Deutsche Post AG /zigman2/quotes/207090990/delayed DE:DPW -0.27%  fell 0.7%, after German labor union ver.di said it has called for nationwide strikes Tuesday and Wednesday at the company.

The U.K.’s FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -0.26% shed 0.1% to 6,280.62.

Shares of miner Rio Tinto PLC /zigman2/quotes/208934945/delayed UK:RIO -0.15% /zigman2/quotes/202627887/composite RIO -2.03% /zigman2/quotes/200083756/delayed AU:RIO -0.84% slipped 1.1%. The firm said it appealed an Australian court ruling blocking plans to extend the life of one of its coal mines.

Shares of Eurasian Natural Resources Corp. lost 2.4%. The miner soared 27% on Friday, after one of the company’s founding shareholders said he was considering making a bid for the company.

Kazakhmys PLC /zigman2/quotes/208098927/delayed UK:KAZ +0.25% , which owns a 26% stake in ENRC, rallied 26% on Friday, but declined 8.3% in Monday’s action.

/zigman2/quotes/210599654/delayed
XX : STOXX
392.02
+0.39 +0.10%
Volume: 0.00
Nov. 27, 2020 12:26p
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/zigman2/quotes/204604645/delayed
NL : Netherlands: Euronext Amsterdam
42.90
+0.09 +0.21%
Volume: 357,796
Nov. 27, 2020 12:26p
P/E Ratio
39.43
Dividend Yield
0.00%
Market Cap
€38.78 billion
Rev. per Employee
€242,027
loading...
/zigman2/quotes/200075065/delayed
NO : Norway: Oslo
kr 364.20
+2.00 +0.55%
Volume: 131,493
Nov. 27, 2020 12:25p
P/E Ratio
16.24
Dividend Yield
4.12%
Market Cap
kr98.69 billion
Rev. per Employee
kr7.06M
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/zigman2/quotes/200769686/delayed
IT : Italy: Milan
9.06
-0.0070 -0.08%
Volume: 5.18M
Nov. 27, 2020 12:21p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€20.80 billion
Rev. per Employee
€272,468
loading...
/zigman2/quotes/206161760/delayed
IT : Italy: Milan
1.94
+0.02 +0.81%
Volume: 46.13M
Nov. 27, 2020 12:21p
P/E Ratio
4.75
Dividend Yield
0.00%
Market Cap
€37.69 billion
Rev. per Employee
€410,038
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/zigman2/quotes/209264506/delayed
FR : France: Euronext Paris
9.88
+0.05 +0.55%
Volume: 1.47M
Nov. 27, 2020 12:26p
P/E Ratio
7.13
Dividend Yield
0.00%
Market Cap
€26.96 billion
Rev. per Employee
€879,811
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/zigman2/quotes/206663756/delayed
FR : France: Euronext Paris
17.45
+0.26 +1.50%
Volume: 1.76M
Nov. 27, 2020 12:26p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€13.65 billion
Rev. per Employee
€238,064
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/zigman2/quotes/207978364/delayed
FR : France: Euronext Paris
2.67
+0.02 +0.83%
Volume: 2.17M
Nov. 27, 2020 12:26p
P/E Ratio
22.99
Dividend Yield
0.00%
Market Cap
€8.46 billion
Rev. per Employee
€1.52M
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
5,595.47
+28.68 +0.52%
Volume: 20,817
Nov. 27, 2020 12:26p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,322.93
+36.36 +0.27%
Volume: 17,315
Nov. 27, 2020 12:26p
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/zigman2/quotes/207409543/delayed
DE : Germany: Frankfurt
5.51
-0.09 -1.64%
Volume: 13,013
Nov. 27, 2020 12:07p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€227,908
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/zigman2/quotes/207090990/delayed
DE : Germany: Frankfurt
40.41
-0.11 -0.27%
Volume: 1,965
Nov. 27, 2020 12:16p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€118,469
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,346.09
-16.84 -0.26%
Volume: 224,385
Nov. 27, 2020 11:26a
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/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,894.00 p
-7.50 -0.15%
Volume: 585,726
Nov. 27, 2020 11:26a
P/E Ratio
13.98
Dividend Yield
6.07%
Market Cap
£82.49 billion
Rev. per Employee
N/A
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/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 66.28
-1.37 -2.03%
Volume: 2.92M
Nov. 25, 2020 7:00p
P/E Ratio
14.99
Dividend Yield
5.82%
Market Cap
$110.38 billion
Rev. per Employee
$852,406
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/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 102.00
-0.86 -0.84%
Volume: 1.11M
Nov. 27, 2020 4:10p
P/E Ratio
15.54
Dividend Yield
5.55%
Market Cap
$150.17 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/208098927/delayed
UK : U.K.: London
639.60 p
+1.60 +0.25%
Volume: 185,630
Nov. 27, 2020 11:19a
P/E Ratio
7.33
Dividend Yield
1.40%
Market Cap
£2.97 billion
Rev. per Employee
N/A
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Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.

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