Europe hit by Greece but U.S. data curb losses

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) — European stock markets fell Thursday after Moody’s Investors Service threatened to downgrade more than 100 financial institutions and fresh worries about Greece’s second bailout weighed on sentiment. But U.S. economic data curbed losses.

Among the biggest losers in Europe, Italian Enel SpA /zigman2/quotes/207756670/delayed IT:ENEL +0.29%  sank 5.4% after J.P. Morgan Cazenove downgraded the stock to neutral, citing problems with rising gas prices.

Investors pulled out of stocks as media reports said some euro-zone nations wanted to delay Greece’s next bailout money until after April elections, while making arrangements to keep it from going into default.

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EU warns on Greece

The EU warns that time is running out for Greece to meet conditions for financial aid.

Adding pressure to the situation, tensions appeared to be building between Germany and Greece. Greek President Karolos Papoulias reportedly accused Germany of insulting his country after German Finance Minister Wolfgang Schaeuble likened Greece to a “bottomless pit,” in a radio interview Wednesday.

The Athens General Index /zigman2/quotes/210597948/delayed GR:GD -0.49%  gained 1.1% to 785.02, with National Bank of Greece SA up 5.1% and Hellenic Telecommunications Organization SA /zigman2/quotes/202440586/delayed GR:HTO -0.91%   off 3.3%. The Athens index fell 5.1% on Wednesday.

“I think the markets have priced in that Greece will have to leave the euro. But what is worrying the markets right now is that there is no clear direction and we don’t know if Greece will be forced out,” said Predrag Dukic, senior equity sales trader at CM Capital Markets in Madrid.

Investors slowed down the selloff pace in afternoon trade after jobless claims in the U.S. unexpectedly fell to the lowest level since March 2008. Separately, housing starts rose 1.5% in January, beating economists expectations. The Philadelphia Fed’s manufacturing index also surprised positively and reached the highest level since October.

Wall Street opened slightly higher on Thursday. Read more on U.S. stocks

In Europe, Spanish stocks were hit the hardest with the Ibex 35 index /zigman2/quotes/210597995/delayed XX:IBEX -1.69%  down 2.1% to 8,558.10, after the country’s stock market regulator Wednesday night lifted a ban on short selling of financial stocks.

Bankia SA /zigman2/quotes/205465641/delayed ES:BKIA -3.99%  plunged 7.3%, Banco Popular Espanol SA  dropped 6.2%, BBVA SA /zigman2/quotes/209653399/delayed ES:BBVA -2.06%   /zigman2/quotes/204078760/composite BBVA -2.37%  declined 4.1% and Banco Santander SA /zigman2/quotes/205677933/delayed ES:SAN -2.87%   lost 2.6%.

Yields on 10-year Italian government bonds were off 1 basis point to 5.61%.

Yields on 10-year Spanish government bonds were down 8 basis points to 5.3%.

The closing value for the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -1.01%  was delayed because of technical issues, the index publisher said. Read more on Stoxx 600.

Moody’s darkens the mood

The broader European stock market was also weighed down after Moody’s late Wednesday placed 17 global and 114 European financial firms on ratings review due to the euro-zone crisis.

German Commerzbank AG /zigman2/quotes/200193353/delayed DE:CBK -0.70%  lost 1.7% and added downward pressure to the DAX 30 index /zigman2/quotes/210597999/delayed DX:DAX -1.44% , down 0.1% to 6,751.96.

Daimler AG /zigman2/quotes/205332368/delayed DE:DAI -2.95%  pulled back 0.6% after a report showed that new car registrations in the European Union in January declined 7.1% compared to the same period last year.

Pointing in the opposite direction, Renault SA /zigman2/quotes/200919924/delayed FR:RNO -3.84%  gained 4.5% after the auto group reported a 39% drop in 2011 profit, but beat its own cash flow target. France’s CAC 40 index /zigman2/quotes/210597958/delayed FR:PX1 -1.22% /zigman2/quotes/210597958/delayed FR:PX1 -1.22% closed 0.1% higher at 3,393.25, further supported by Capgemini /zigman2/quotes/206891951/delayed FR:CAP -0.44%  jumping 7.9%. The consulting firm reported an 11% rise in revenue for 2011 and guided towards an increase in operating margin in 2012.

In London, heavyweight HSBC Holdings PLC /zigman2/quotes/203901799/delayed UK:HSBA -1.21%  lost 0.4%, leading the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -0.97%  0.1% lower to 5,885.38.

Resource stocks also added downward pressure to the U.K. index on the back of declining commodity prices. Evraz PLC /zigman2/quotes/202291633/delayed UK:EVR -1.80%  dropped 3.6%, Essar Energy PLC  was off 1.8%, while miners Anglo American PLC /zigman2/quotes/201381512/delayed UK:AAL -5.31%  and Rio Tinto PLC /zigman2/quotes/208934945/delayed UK:RIO -3.03%  both lost over 1%.

Among other notable decliners Thursday, Randstad Holding NV /zigman2/quotes/202421454/delayed NL:RAND -1.89% , dropped 4.2% after the firm swung to a loss in the fourth quarter.

Norsk Hydro ASA /zigman2/quotes/205836882/delayed NO:NHY -4.38%  added 4.8% in Oslo. The aluminium producer said it swung to a 749 million kroner loss ($128.9 million) in the fourth quarter, but said it sees increased aluminium demand in 2012.

Also rising, Nestle SA /zigman2/quotes/208115528/delayed CH:NESN +0.44%   /zigman2/quotes/210131093/composite NSRGY +0.51%  gained 2.1% after reporting earnings. The Swiss firm said organic sales grew 7.5% for 2011, beating its own long-term target range of 5% to 6%.

/zigman2/quotes/207756670/delayed

Add to watchlist IT:ENEL

Enel S.p.A.

IT : Italy: Milan

€ 8.86

+0.03 +0.29%

Volume: 28.80M

Jan. 15, 2021 5:35p

P/E Ratio

21.03

Dividend Yield

3.87%

Market Cap

€89.78 billion

Rev. per Employee

€1.13M

/zigman2/quotes/210597948/delayed

Add to watchlist GR:GD

Athex Composite Share Price Index

GR : Athens Exchange

790.14

-3.89 -0.49%

Volume: 0.00

Jan. 15, 2021 5:19p

/zigman2/quotes/202440586/delayed

Add to watchlist GR:HTO

Hellenic Telecommunications Organization S.A.

GR : Greece: Athens

€ 13.01

-0.12 -0.91%

Volume: 600,454

Jan. 15, 2021 5:18p

P/E Ratio

22.13

Dividend Yield

4.27%

Market Cap

€6.12 billion

Rev. per Employee

€220,806

/zigman2/quotes/210597995/delayed

Add to watchlist XX:IBEX

IBEX 35 Index

XX : Spain: Madrid

8,230.70

-141.70 -1.69%

Volume: 251.31M

Jan. 15, 2021 5:38p

/zigman2/quotes/205465641/delayed

Add to watchlist ES:BKIA

Bankia S.A.

ES : Spain: Madrid

€ 1.53

-0.06 -3.99%

Volume: 3.56M

Jan. 15, 2021 5:38p

P/E Ratio

32.07

Dividend Yield

6.14%

Market Cap

€4.83 billion

Rev. per Employee

€250,989

/zigman2/quotes/209653399/delayed

Add to watchlist ES:BBVA

Banco Bilbao Vizcaya Argentaria S.A.

ES : Spain: Madrid

€ 4.09

-0.09 -2.06%

Volume: 47.39M

Jan. 15, 2021 5:38p

P/E Ratio

N/A

Dividend Yield

5.15%

Market Cap

€27.71 billion

Rev. per Employee

€342,553

/zigman2/quotes/204078760/composite

Add to watchlist BBVA

Banco Bilbao Vizcaya Argentaria S.A. ADR

US : U.S.: NYSE

$ 4.95

-0.12 -2.37%

Volume: 2.60M

Jan. 15, 2021 4:00p

P/E Ratio

N/A

Dividend Yield

4.65%

Market Cap

$33.62 billion

Rev. per Employee

$383,402

/zigman2/quotes/205677933/delayed

Add to watchlist ES:SAN

Banco Santander S.A.

ES : Spain: Madrid

€ 2.72

-0.08 -2.87%

Volume: 102.87M

Jan. 15, 2021 5:38p

P/E Ratio

N/A

Dividend Yield

2.85%

Market Cap

€48.55 billion

Rev. per Employee

€405,338

/zigman2/quotes/210599654/delayed

Add to watchlist XX:SXXP

STOXX Europe 600 Index

XX : STOXX

407.85

-4.15 -1.01%

Volume: 0.00

Jan. 15, 2021 11:03p

/zigman2/quotes/200193353/delayed

Add to watchlist DE:CBK

Commerzbank AG

DE : Germany: Frankfurt

€ 5.68

-0.04 -0.70%

Volume: 85,523

Jan. 15, 2021 8:59p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

N/A

Rev. per Employee

€166,016

/zigman2/quotes/210597999/delayed

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DAX

DX : Xetra Indices

13,787.73

-200.97 -1.44%

Volume: 96,853

Jan. 15, 2021 6:30p

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Add to watchlist DE:DAI

Daimler AG

DE : Germany: Frankfurt

€ 56.34

-1.71 -2.95%

Volume: 11,339

Jan. 15, 2021 8:59p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

N/A

Rev. per Employee

€560,333

/zigman2/quotes/200919924/delayed

Add to watchlist FR:RNO

Renault S.A.

FR : France: Euronext Paris

€ 34.07

-1.36 -3.84%

Volume: 3.80M

Jan. 15, 2021 5:38p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

€10.27 billion

Rev. per Employee

€309,286

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Add to watchlist FR:PX1

CAC 40 Index

FR : France: Euronext Paris

5,611.69

-69.45 -1.22%

Volume: 127,618

Jan. 15, 2021 6:05p

/zigman2/quotes/210597958/delayed

Add to watchlist FR:PX1

CAC 40 Index

FR : France: Euronext Paris

5,611.69

-69.45 -1.22%

Volume: 127,618

Jan. 15, 2021 6:05p

/zigman2/quotes/206891951/delayed

Add to watchlist FR:CAP

Capgemini SE

FR : France: Euronext Paris

€ 124.15

-0.55 -0.44%

Volume: 460,680

Jan. 15, 2021 5:35p

P/E Ratio

27.38

Dividend Yield

1.09%

Market Cap

€21.01 billion

Rev. per Employee

€64,405

/zigman2/quotes/203901799/delayed

Add to watchlist UK:HSBA

HSBC Holdings PLC (UK Reg)

UK : U.K.: London

403.25 p

-4.95 -1.21%

Volume: 18.99M

Jan. 15, 2021 4:35p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

£83.14 billion

Rev. per Employee

£314,521

/zigman2/quotes/210598409/delayed

Add to watchlist UK:UKX

FTSE 100 Index

UK : FTSE UK

6,735.71

-66.25 -0.97%

Volume: 713,361

Jan. 15, 2021 4:58p

/zigman2/quotes/202291633/delayed

Add to watchlist UK:EVR

Evraz PLC

UK : U.K.: London

500.80 p

-9.20 -1.80%

Volume: 1.73M

Jan. 15, 2021 4:35p

P/E Ratio

17.77

Dividend Yield

8.76%

Market Cap

£7.18 billion

Rev. per Employee

£140,781

/zigman2/quotes/201381512/delayed

Add to watchlist UK:AAL

Anglo American PLC

UK : U.K.: London

2,663.50 p

-149.50 -5.31%

Volume: 3.49M

Jan. 15, 2021 4:35p

P/E Ratio

19.93

Dividend Yield

2.06%

Market Cap

£34.72 billion

Rev. per Employee

N/A

/zigman2/quotes/208934945/delayed

Add to watchlist UK:RIO

Rio Tinto PLC

UK : U.K.: London

5,946.00 p

-186.00 -3.03%

Volume: 2.25M

Jan. 15, 2021 4:35p

P/E Ratio

16.99

Dividend Yield

5.00%

Market Cap

£101.58 billion

Rev. per Employee

N/A

/zigman2/quotes/202421454/delayed

Add to watchlist NL:RAND

Randstad N.V.

NL : Netherlands: Euronext Amsterdam

€ 55.16

-1.06 -1.89%

Volume: 378,401

Jan. 15, 2021 5:35p

P/E Ratio

39.84

Dividend Yield

0.00%

Market Cap

€10.31 billion

Rev. per Employee

N/A

/zigman2/quotes/205836882/delayed

Add to watchlist NO:NHY

Norsk Hydro ASA

NO : Norway: Oslo

kr 40.16

-1.84 -4.38%

Volume: 7.48M

Jan. 15, 2021 4:27p

P/E Ratio

N/A

Dividend Yield

3.11%

Market Cap

kr86.06 billion

Rev. per Employee

kr4.12M

/zigman2/quotes/208115528/delayed

Add to watchlist CH:NESN

Nestle S.A.

CH : Switzerland: SWX

CHF 100.88

+0.44 +0.44%

Volume: 7.76M

Jan. 15, 2021 5:31p

P/E Ratio

21.61

Dividend Yield

2.68%

Market Cap

CHF279.73 billion

Rev. per Employee

CHF318,103

/zigman2/quotes/210131093/composite

Add to watchlist NSRGY

Nestle S.A. ADR

US : U.S.: OTC

$ 113.22

+0.57 +0.51%

Volume: 1.77M

Jan. 15, 2021 3:59p

P/E Ratio

23.73

Dividend Yield

2.06%

Market Cap

$314.68 billion

Rev. per Employee

$320,093