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April 23, 2018, 1:11 p.m. EDT

European stocks hit 10-week high as rising bond yields lift financial shares

Metro shares punished after profit warning

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By Carla Mozee, MarketWatch

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What strategists are saying

“With the language having changed at the latest meeting, the [ECB] is likely to stay on hold this Thursday. We expect a dovish tone, but not too dovish,” said Daniele Antonucci, an economist at Morgan Stanley, in a note. “The Governing Council is likely to say that the growth momentum is somewhat slower, but we doubt that it’ll be very concerned about this,given that it’s likely to see it in the context of a still robust pace of expansion. We think that the next shift in communication, on when and how QE will end, is likely to come at the June meeting.”

What data were in focus?

IHS Markit said it’s flash April reading for eurozone services activity was at 55.0, above a FactSet estimate of 54.8. The flash manufacturing PMI of 56.0 met expectations.

Stocks in focus

UBS /zigman2/quotes/206994749/delayed CH:UBSG -0.35%   /zigman2/quotes/206172872/composite UBS -1.96%  fell 2.5%, but pared larger losses, even as the Swiss bank’s first-quarter earnings net profit rose 19%, supported by the performance of its wealth-management unit.

Rortork PLC /zigman2/quotes/200372942/delayed UK:ROR -1.58%  jumped 10.9% as the maker of industrial flow-control equipment posted a 10% rise in first-quarter revenue and said it expects full-year revenue to increase on year despite a 5% currency headwind.

Metro AG /zigman2/quotes/200040888/delayed XE:B4B +2.61%  tumbled 9.3% in the wake of the German retailer’s 2018 profit warning issued Friday, citing underperformance in its Russian business. HSBC cut its rating on Metro to reduce from buy, and Commerzbank cut its rating to hold from buy.

“Two consecutive communication mishaps in less than one year after the demerger have left investors puzzled and confidence may have evaporated,” said Commerzbank analyst Juergen Elfers in a research note.

Royal Philips NV shares /zigman2/quotes/204604645/delayed NL:PHIA -1.23%   rose 5.5% as the Dutch technology company backed its target for the 2017-2020 years of 4%-6% comparable sales growth and an average annual 100 basis points improvement in adjusted Ebita margin.

/zigman2/quotes/206994749/delayed
CH : Switzerland: SWX
CHF 14.08
-0.05 -0.35%
Volume: 8.97M
May 10, 2021 5:30p
P/E Ratio
8.27
Dividend Yield
2.42%
Market Cap
CHF50.18 billion
Rev. per Employee
CHF422,902
loading...
/zigman2/quotes/206172872/composite
US : U.S.: NYSE
$ 15.49
-0.31 -1.96%
Volume: 2.76M
May 10, 2021 3:34p
P/E Ratio
8.37
Dividend Yield
2.37%
Market Cap
$55.59 billion
Rev. per Employee
$450,560
loading...
/zigman2/quotes/200372942/delayed
UK : U.K.: London
348.60 p
-5.60 -1.58%
Volume: 820,045
May 10, 2021 4:35p
P/E Ratio
32.61
Dividend Yield
1.81%
Market Cap
£3.09 billion
Rev. per Employee
£177,807
loading...
/zigman2/quotes/200040888/delayed
XE : Germany: Xetra
9.45
+0.24 +2.61%
Volume: 495,685
May 10, 2021 6:30p
P/E Ratio
6.25
Dividend Yield
7.41%
Market Cap
€3.35 billion
Rev. per Employee
€270,550
loading...
/zigman2/quotes/204604645/delayed
NL : Netherlands: Euronext Amsterdam
46.64
-0.58 -1.23%
Volume: 1.59M
May 10, 2021 5:37p
P/E Ratio
36.02
Dividend Yield
1.82%
Market Cap
€43.51 billion
Rev. per Employee
€239,423
loading...

Carla Mozée is a reporter for MarketWatch, based in London. Follow her on Twitter @MWMozee.

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