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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 -2.60% shares slid 20% after pulling guidance.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP -1.14% 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 -1.80% fell 0.6% and the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -1.66% slid 0.5%, while losses were more modest for the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -0.39% , 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 -0.2794% and British pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0957% 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 -2.35% 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 -0.17% , JPMorgan /zigman2/quotes/205971034/composite JPM +1.41% and Wells Fargo /zigman2/quotes/203790192/composite WFC -1.21% 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 -3.52% dropped nearly 3%, along with ASML Holding /zigman2/quotes/210293876/composite ASML -1.47% /zigman2/quotes/206208657/delayed NL:ASML -2.26% , while Infineon Technologies /zigman2/quotes/203152288/delayed XE:IFX -3.58% slipped 0.6%. German business software group SAP /zigman2/quotes/207905606/composite SAP -1.13% /zigman2/quotes/202053813/delayed XE:SAP -1.11% bucked the weaker trend, with a gain of 1.7%.

EDF /zigman2/quotes/201783867/delayed FR:EDF -2.60% 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 -3.01% , Renault /zigman2/quotes/200919924/delayed FR:RNO -1.73% and Daimler Truck Holdings /zigman2/quotes/231654255/delayed XE:DTG -2.51% all rising by more than 2%.

Shares of health technology company Philips /zigman2/quotes/200778575/composite PHG +0.48% /zigman2/quotes/204604645/delayed NL:PHIA -1.13% were also near the top of the gainers list, with a rise of more than 3%.

/zigman2/quotes/201783867/delayed
FR : France: Euronext Paris
8.25
-0.22 -2.60%
Volume: 3.29M
May 24, 2022 5:39p
P/E Ratio
6.34
Dividend Yield
7.03%
Market Cap
€31.64 billion
Rev. per Employee
€509,446
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/zigman2/quotes/210599654/delayed
XX : STOXX
431.58
-4.96 -1.14%
Volume: 0.00
May 24, 2022 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,919.75
-255.65 -1.80%
Volume: 70,956
May 24, 2022 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,253.14
-105.60 -1.66%
Volume: 72,012
May 24, 2022 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,484.35
-29.09 -0.39%
Volume: 805,396
May 24, 2022 4:48p
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/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.0706
-0.0030 -0.2794%
Volume: 0.0000
May 24, 2022 10:55p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2521
-0.0012 -0.0957%
Volume: 0.0000
May 24, 2022 10:55p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,264.45
-270.83 -2.35%
Volume: 4.03M
May 24, 2022 5:16p
loading...
/zigman2/quotes/207741460/composite
US : U.S.: NYSE
$ 52.68
-0.09 -0.17%
Volume: 24.34M
May 24, 2022 4:04p
P/E Ratio
6.21
Dividend Yield
3.87%
Market Cap
$102.48 billion
Rev. per Employee
$357,498
loading...
/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 126.36
+1.76 +1.41%
Volume: 19.32M
May 24, 2022 4:00p
P/E Ratio
9.38
Dividend Yield
3.17%
Market Cap
$365.96 billion
Rev. per Employee
$465,702
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/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 43.29
-0.53 -1.21%
Volume: 24.00M
May 24, 2022 4:03p
P/E Ratio
9.00
Dividend Yield
2.31%
Market Cap
$166.09 billion
Rev. per Employee
$344,663
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/zigman2/quotes/201180544/delayed
NL : Netherlands: Euronext Amsterdam
273.90
-10.00 -3.52%
Volume: 113,607
May 24, 2022 5:35p
P/E Ratio
26.03
Dividend Yield
0.91%
Market Cap
€13.81 billion
Rev. per Employee
€559,432
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/zigman2/quotes/210293876/composite
US : U.S.: Nasdaq
$ 546.43
-8.18 -1.47%
Volume: 1.09M
May 24, 2022 4:00p
P/E Ratio
36.41
Dividend Yield
0.93%
Market Cap
$224.27 billion
Rev. per Employee
$692,828
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/zigman2/quotes/206208657/delayed
NL : Netherlands: Euronext Amsterdam
509.20
-11.80 -2.26%
Volume: 772,338
May 24, 2022 5:36p
P/E Ratio
39.51
Dividend Yield
1.08%
Market Cap
€210.22 billion
Rev. per Employee
€595,476
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/zigman2/quotes/203152288/delayed
XE : Germany: Xetra
27.05
-1.01 -3.58%
Volume: 3.50M
May 24, 2022 6:30p
P/E Ratio
21.89
Dividend Yield
1.00%
Market Cap
€36.50 billion
Rev. per Employee
€242,363
loading...
/zigman2/quotes/207905606/composite
US : U.S.: NYSE
$ 98.70
-1.13 -1.13%
Volume: 2.75M
May 24, 2022 4:00p
P/E Ratio
20.10
Dividend Yield
1.52%
Market Cap
$117.05 billion
Rev. per Employee
$308,805
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/zigman2/quotes/202053813/delayed
XE : Germany: Xetra
91.98
-1.03 -1.11%
Volume: 2.03M
May 24, 2022 6:30p
P/E Ratio
21.86
Dividend Yield
2.12%
Market Cap
€109.71 billion
Rev. per Employee
€265,996
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/zigman2/quotes/201783867/delayed
FR : France: Euronext Paris
8.25
-0.22 -2.60%
Volume: 3.29M
May 24, 2022 5:39p
P/E Ratio
6.34
Dividend Yield
7.03%
Market Cap
€31.64 billion
Rev. per Employee
€509,446
loading...
/zigman2/quotes/206919008/delayed
XE : Germany: Xetra
183.45
-5.70 -3.01%
Volume: 57,747
May 24, 2022 6:30p
P/E Ratio
5.07
Dividend Yield
4.09%
Market Cap
€86.30 billion
Rev. per Employee
€372,430
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/zigman2/quotes/200919924/delayed
FR : France: Euronext Paris
23.86
-0.42 -1.73%
Volume: 1.02M
May 24, 2022 5:35p
P/E Ratio
7.63
Dividend Yield
0.00%
Market Cap
€7.03 billion
Rev. per Employee
€295,355
loading...
/zigman2/quotes/231654255/delayed
XE : Germany: Xetra
27.79
-0.72 -2.51%
Volume: 1.02M
May 24, 2022 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€23.45 billion
Rev. per Employee
€397,640
loading...
/zigman2/quotes/200778575/composite
US : U.S.: NYSE
$ 25.24
+0.12 +0.48%
Volume: 1.71M
May 24, 2022 4:00p
P/E Ratio
5.95
Dividend Yield
3.24%
Market Cap
$22.09 billion
Rev. per Employee
$259,347
loading...
/zigman2/quotes/204604645/delayed
NL : Netherlands: Euronext Amsterdam
23.28
-0.27 -1.13%
Volume: 2.03M
May 24, 2022 5:38p
P/E Ratio
6.38
Dividend Yield
3.65%
Market Cap
€20.70 billion
Rev. per Employee
€219,417
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