RTTNews - The European markets fell for the third day on Wednesday after ING and Bulgari posted quarterly losses and a report showed that retail sales in the U.S. unexpectedly dropped last month.
The U.S. Commerce Department said in its report that retail sales fell 0.4% in April following a revised 1.3% decrease in March. Economists had expected sales to come in unchanged compared to the 1.2% decrease originally reported for the previous month.
Eurozone industrial production slipped at a record 20.2% in March from the previous year, the European Union's statistical office, Eurostat said today. Production fell more than an expected 17.6%. In February, output was down by 19.1%, revised down from 18.4% estimated originally.
The latest quarterly inflation report from the Bank of England said the U.K. economy would see a slow recovery and expects inflation to stay below target in coming few years.
Crude for June delivery rose $0.27 to $59.12 a barrel on the New York Mercantile Exchange, by the time the European markets closed, after a government report showed a sharp drop in U.S. crude stores and a sharp pullback in fuel production.
The FTSEurofirst 300 index of pan-European blue chips closed 2.45% lower at 831.71 points, while the narrower DJ Stoxx 50 index fell 2.14% to 2,045.90 points.
Around Europe, the U.K.'s FTSE 100 index fell 2.13% to 4,331.37, while France's CAC 40 index slipped 2.42% to 3,152.90 and Germany's DAX index dropped 2.61% to 4,727.61.
ING, the largest Dutch financial services company, slipped 10% after the company reported its third consecutive quarterly loss.
Bulgari dropped 6.2%, as weak sales of Assioma watches and Allegra jewelry led to its first quarterly loss in a decade.
Land Securities, Britain's biggest real estate investment trust, sank 13.2% after the company reported a £5.19 billion full year loss.
Allianz, Europe's biggest insurer, slid 7.8% after the company reported a 98% drop in first quarter net profit.
Rio Tinto, the world's third biggest miner, lost 10.6% after the Telegraph reported that the company may drop an investment deal with Aluminum Corp. of China for a £5 billion share sale.
Royal Bank of Scotland, Britain's second largest bank, tumbled 12.6% after its chief executive said the bank faces serious net interest margin headwinds.
On the other hand, Compass Group, the world's largest caterer, climbed 6.1% after the company reported a 33% rise in first-half profit and said second-half trade had started well.
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