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Jan. 14, 2022, 10:36 a.m. EST

European stocks head for another week of losses; EDF plunges on French power price cap

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By Barbara Kollmeyer

European stocks fell Friday, with the technology sector bearing the brunt of losses as Wall Street stocks slipped for another day amid worries over inflation and a rough start to the earnings reporting season. EDF /zigman2/quotes/201783867/delayed FR:EDF +0.42% shares slid 20% after pulling guidance.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.28% dropped 0.7% to 482.36, following a modest decline on Thursday that snapped a two-session winning streak. The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.60% fell 0.6% and the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.18% slid 0.5%, while losses were more modest for the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.26% , which eased 0.1%.

The U.S. dollar bounced after weaker-than-expected U.S. retail sales data, with the euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.0373% and British pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0497% lower by 0.1% each. U.S. retail sales fell a bigger-than-expected 1.9%, but the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -1.68% was up 0.1% after a 2.5% slump Thursday. The week has been dominated by worries about inflation with Federal Reserve officials expressing a commitment to tackle it.

Results from big banks, to kick off fourth-quarter earnings season left investors flat with Citigroup /zigman2/quotes/207741460/composite C +0.04% , JPMorgan /zigman2/quotes/205971034/composite JPM -0.70% and Wells Fargo /zigman2/quotes/203790192/composite WFC +0.25% all down on those results.

Data in Europe showed the German economy expand 2.7% in 2021, rebounding from a 4.6% drop in 2020, but still 2% below growth in 2019. In China, data showed the country’s trade surplus hitting a record high in 2021, rising 29.9% to a fresh high of $3.36 trillion, while imports surged 30.1%, lifted in part by soaring commodity prices. 

Among Europe’s big tech names, shares of ASM International /zigman2/quotes/201180544/delayed NL:ASM -1.58% dropped nearly 3%, along with ASML Holding /zigman2/quotes/210293876/composite ASML -2.35% /zigman2/quotes/206208657/delayed NL:ASML -0.32% , while Infineon Technologies /zigman2/quotes/203152288/delayed XE:IFX -1.35% slipped 0.6%. German business software group SAP /zigman2/quotes/207905606/composite SAP -1.03% /zigman2/quotes/202053813/delayed XE:SAP -0.20% bucked the weaker trend, with a gain of 1.7%.

EDF /zigman2/quotes/201783867/delayed FR:EDF +0.42% was the worst performer on the Stoxx Europe 600, as the French state-controlled utility late on Thursday pulled its guidance for the year, saying the government’s new moves to curb higher electricity bills will have an estimated impact of up to 8.4 billion euros ($9.62 billion). Shares slid 14%.

Auto makers were among the gainers, with Volkswagen /zigman2/quotes/206919008/delayed XE:VOW -1.29% , Renault /zigman2/quotes/200919924/delayed FR:RNO +0.09% and Daimler Truck Holdings /zigman2/quotes/231654255/delayed XE:DTG -0.14% all rising by more than 2%.

Shares of health technology company Philips /zigman2/quotes/200778575/composite PHG -1.03% /zigman2/quotes/204604645/delayed NL:PHIA +0.12% were also near the top of the gainers list, with a rise of more than 3%.

/zigman2/quotes/201783867/delayed
FR : France: Euronext Paris
12.05
+0.05 +0.42%
Volume: 909,895
Feb. 8, 2023 5:35p
P/E Ratio
N/A
Dividend Yield
4.81%
Market Cap
€46.63 billion
Rev. per Employee
€664,657
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
459.46
+1.27 +0.28%
Volume: 0.00
Feb. 8, 2023 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,412.05
+91.17 +0.60%
Volume: 61,344
Feb. 8, 2023 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
7,119.83
-12.52 -0.18%
Volume: 84,748
Feb. 8, 2023 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,885.17
+20.46 +0.26%
Volume: 0.00
Feb. 8, 2023 4:55p
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.0717
+0.0004 +0.0373%
Volume: 0.0000
Feb. 8, 2023 5:41p
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2067
-0.0006 -0.0497%
Volume: 0.0000
Feb. 8, 2023 5:41p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
11,910.52
-203.27 -1.68%
Volume: 5.10B
Feb. 8, 2023 5:16p
loading...
/zigman2/quotes/207741460/composite
US : U.S.: NYSE
$ 51.15
+0.02 +0.04%
Volume: 13.24M
Feb. 8, 2023 4:03p
P/E Ratio
7.32
Dividend Yield
3.99%
Market Cap
$99.03 billion
Rev. per Employee
$454,758
loading...
/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 142.64
-1.01 -0.70%
Volume: 6.96M
Feb. 8, 2023 4:00p
P/E Ratio
11.80
Dividend Yield
2.80%
Market Cap
$421.35 billion
Rev. per Employee
$571,136
loading...
/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 48.25
+0.12 +0.25%
Volume: 18.07M
Feb. 8, 2023 4:03p
P/E Ratio
15.37
Dividend Yield
2.49%
Market Cap
$183.40 billion
Rev. per Employee
$334,314
loading...
/zigman2/quotes/201180544/delayed
NL : Netherlands: Euronext Amsterdam
327.00
-5.25 -1.58%
Volume: 207,605
Feb. 8, 2023 5:35p
P/E Ratio
55.77
Dividend Yield
0.76%
Market Cap
€16.17 billion
Rev. per Employee
€657,458
loading...
/zigman2/quotes/210293876/composite
US : U.S.: Nasdaq
$ 662.79
-15.93 -2.35%
Volume: 763,665
Feb. 8, 2023 4:00p
P/E Ratio
45.02
Dividend Yield
0.78%
Market Cap
$265.88 billion
Rev. per Employee
$745,209
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/zigman2/quotes/206208657/delayed
NL : Netherlands: Euronext Amsterdam
619.40
-2.00 -0.32%
Volume: 724,736
Feb. 8, 2023 5:37p
P/E Ratio
43.74
Dividend Yield
0.94%
Market Cap
€248.66 billion
Rev. per Employee
€709,065
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/zigman2/quotes/203152288/delayed
XE : Germany: Xetra
35.52
-0.49 -1.35%
Volume: 2.63M
Feb. 8, 2023 6:30p
P/E Ratio
19.12
Dividend Yield
0.90%
Market Cap
€46.85 billion
Rev. per Employee
€267,110
loading...
/zigman2/quotes/207905606/composite
US : U.S.: NYSE
$ 118.61
-1.23 -1.03%
Volume: 872,213
Feb. 8, 2023 4:00p
P/E Ratio
57.54
Dividend Yield
1.26%
Market Cap
$139.85 billion
Rev. per Employee
$302,049
loading...
/zigman2/quotes/202053813/delayed
XE : Germany: Xetra
110.66
-0.22 -0.20%
Volume: 1.53M
Feb. 8, 2023 6:30p
P/E Ratio
56.66
Dividend Yield
1.76%
Market Cap
€130.79 billion
Rev. per Employee
€287,399
loading...
/zigman2/quotes/201783867/delayed
FR : France: Euronext Paris
12.05
+0.05 +0.42%
Volume: 909,895
Feb. 8, 2023 5:35p
P/E Ratio
N/A
Dividend Yield
4.81%
Market Cap
€46.63 billion
Rev. per Employee
€664,657
loading...
/zigman2/quotes/206919008/delayed
XE : Germany: Xetra
164.15
-2.15 -1.29%
Volume: 32,365
Feb. 8, 2023 6:30p
P/E Ratio
5.07
Dividend Yield
4.57%
Market Cap
€76.14 billion
Rev. per Employee
€396,258
loading...
/zigman2/quotes/200919924/delayed
FR : France: Euronext Paris
40.86
+0.04 +0.09%
Volume: 1.58M
Feb. 8, 2023 5:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€11.82 billion
Rev. per Employee
€281,064
loading...
/zigman2/quotes/231654255/delayed
XE : Germany: Xetra
31.31
-0.05 -0.14%
Volume: 1.12M
Feb. 8, 2023 6:30p
P/E Ratio
11.46
Dividend Yield
N/A
Market Cap
€25.80 billion
Rev. per Employee
€475,080
loading...
/zigman2/quotes/200778575/composite
US : U.S.: NYSE
$ 17.38
-0.18 -1.03%
Volume: 1.31M
Feb. 8, 2023 4:00p
P/E Ratio
4.60
Dividend Yield
4.46%
Market Cap
$15.34 billion
Rev. per Employee
$248,146
loading...
/zigman2/quotes/204604645/delayed
NL : Netherlands: Euronext Amsterdam
16.24
+0.02 +0.12%
Volume: 3.42M
Feb. 8, 2023 5:35p
P/E Ratio
5.01
Dividend Yield
5.23%
Market Cap
€14.35 billion
Rev. per Employee
€219,903
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