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Aug. 30, 2018, 12:30 p.m. EDT

European shares fall, on track for weak August

Italy’s FTSE MIB tumbles 1.3%, led lower by its banks

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By Ryan Vlastelica

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Read more: Investors watch for Italy debt-rating downgrade, amid fears of forced selloff

In the latest economic data, German jobless claims fell in August while its unemployment rate came in at 5.2%, as had been expected. U.K. car manufacturing fell 11% in July.

What stocks are in focus?

GAM Holding AG /zigman2/quotes/208155502/delayed CH:GAM -8.26%  skidded 11% and was the biggest decliner among European stocks. The investment manager will soon begin disbursing proceeds from its Absolute Return bond fund; Credit Suisse analysts on Thursday slashed their estimates for earnings per share by 28% for 2019 and 56% for 2019.

Banking and commodity stocks were among the biggest drags of the day. Rio Tinto PLC /zigman2/quotes/208934945/delayed UK:RIO +0.34%  fell 1.1% while BHP Billiton PLC  was off 1.7%. Deutsche Bank AG /zigman2/quotes/205584254/delayed DE:DBK -1.22% fell 1.7% while Commerzbank /zigman2/quotes/200193353/delayed DE:CBK -2.32%  was off 1.6%.

Bouygues SA /zigman2/quotes/202035785/delayed FR:EN -2.23% jumped 4.4% after reporting results that included an 18% rise in earnings.

Air France-KLM /zigman2/quotes/205396176/delayed FR:AF -1.93% shares fell 7.1% amid a labor dispute.

Recruitment company Hays PLC /zigman2/quotes/208836868/delayed UK:HAS -0.35%  said it would pay a special dividend following its full-year results. Shares dropped 4.3%.

Industria de Diseno Textil SA /zigman2/quotes/203681809/delayed ES:ITX -2.40%  , the parent of fast-fashion retailer Zara, fell another 2.1% as the sharp downgrade by Morgan Stanley analysts on Wednesday continued to reverberate. They called the stock too pricey for an increasingly “ordinary” financial performance.

HSBC upgraded a trio of Greek banks, saying they had made process in tackling problems and that they offered attractive valuations. Nevertheless, Piraeus Bank /zigman2/quotes/200951803/delayed GR:TPEIR -0.38% fell 2.1% and Eurobank Ergasias SA /zigman2/quotes/205402072/delayed GR:EUROB -1.99% lost 2.6%.

/zigman2/quotes/208155502/delayed
CH : Switzerland: SWX
CHF 1.80
-0.16 -8.26%
Volume: 2.28M
Sept. 18, 2020 5:30p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
CHF282.09 million
Rev. per Employee
CHF1.15M
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
5,007.00 p
+17.00 +0.34%
Volume: 4.98M
Sept. 18, 2020 4:35p
P/E Ratio
14.30
Dividend Yield
5.94%
Market Cap
£83.37 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205584254/delayed
DE : Germany: Frankfurt
7.68
-0.10 -1.22%
Volume: 41,764
Sept. 18, 2020 8:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€417,912
loading...
/zigman2/quotes/200193353/delayed
DE : Germany: Frankfurt
4.50
-0.11 -2.32%
Volume: 106,952
Sept. 18, 2020 8:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
€166,016
loading...
/zigman2/quotes/202035785/delayed
FR : France: Euronext Paris
31.09
-0.71 -2.23%
Volume: 1.83M
Sept. 18, 2020 5:38p
P/E Ratio
16.18
Dividend Yield
5.47%
Market Cap
€11.83 billion
Rev. per Employee
€307,756
loading...
/zigman2/quotes/205396176/delayed
FR : France: Euronext Paris
3.66
-0.07 -1.93%
Volume: 5.41M
Sept. 18, 2020 5:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€1.56 billion
Rev. per Employee
€328,953
loading...
/zigman2/quotes/208836868/delayed
UK : U.K.: London
114.00 p
-0.40 -0.35%
Volume: 5.37M
Sept. 18, 2020 4:35p
P/E Ratio
33.83
Dividend Yield
0.00%
Market Cap
£1.91 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203681809/delayed
ES : Spain: Madrid
24.85
-0.61 -2.40%
Volume: 9.99M
Sept. 18, 2020 5:38p
P/E Ratio
31.00
Dividend Yield
1.14%
Market Cap
€77.40 billion
Rev. per Employee
€149,497
loading...
/zigman2/quotes/200951803/delayed
GR : Greece: Athens
1.18
-0.0045 -0.38%
Volume: 1.10M
Sept. 18, 2020 5:18p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€513.29 million
Rev. per Employee
€159,728
loading...
/zigman2/quotes/205402072/delayed
GR : Greece: Athens
0.39
-0.0079 -1.99%
Volume: 6.26M
Sept. 18, 2020 5:19p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€1.44 billion
Rev. per Employee
N/A
loading...

Ryan Vlastelica is a markets reporter for MarketWatch and is based in New York. Follow him on Twitter @RyanVlastelica.

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