TMCnet News
European Stocks Seen Subdued After Two Days Of Gains(dpa-AFX International Compact Via Acquire Media NewsEdge) VIENNA (dpa-AFX) - European stocks are seen flat to slightly lower on Thursday amid a lack of cues to sustain two days of gains. Geopolitical concerns remain and the earnings season is picking up pace, rendering investor mood cautious. In economic releases, investors eye PMI reports from major European economies and U.S. reports on weekly jobless claims and new home sales to find out whether the economy's fundamentals justify the recent gains. U.S. earnings continue to surprise on the upside, with Facebook shares climbing to a record high after its second-quarter earnings and revenue beat estimates, thanks to its fast growing mobile ad business. Mobile-phone chips manufacturer Qualcomm Inc., reported record earnings for its third fiscal quarter, but warned that disputes with the Chinese government could hurt its business going forward. 3M, Caterpillar, Ford, General Motors and United Continental are among the prominent companies that will publish their quarterly results before the U.S. opening bell. In news out of Ukraine, pro-Russian rebels shot down two Ukrainian fighter jets flying over rebel-held territory near Savur Mogila in eastern Ukraine, media reports quoted Ukrainian defense officials as saying. The fates of the pilots remain unclear. Russia is continuing to arm and train pro-Russian separatists in eastern Ukraine in spite of international doubts about Moscow's possible role in the last week's downing of a Malaysian commercial airliner over the region, Pentagon spokesperson Col. Steve Warren said. Moscow continues to maintain as many as 12,000 troops along the Ukrainian border, Warren said. The Asian markets are rising for a fourth day as a jump in a manufacturing gauge for China spurred optimism the country will meet its 2014 economic growth target of about 7.5 percent. Gains, however, were capped across the region following disappointing economic data out of Japan and South Korea. In domestic corporate news, computer interface devices manufacturer Logitech International confirmed its outlook of $2.16 billion in sales and raised its outlook for non-GAAP operating income for fiscal year 2015. German business software firm Software AG reported second-quarter net income of 14.2 million euros, down from 28.8 million euros a year ago. BASF Group confirmed its 2014 outlook after reporting higher second-quarter income before taxes and minority interests of 1.88 billion euros, versus 1.61 billion euros in the year-ago period. Dassault Systemes SA, a French developer of 3D design software, said its second-quarter IFRS net income declined to 66.5 million euros from 81.8 million euros last year. Oilfield services provider Technip SA reported second-quarter net income of 157.7 million euros, down 2.9 percent from 162.4 million euros last year. Real estate firm Unibail-Rodamco SE confirmed its 2014 earnings forecast after reporting an 8 percent growth in recurring net result for the first half. The European markets rose for a second consecutive session on Wednesday as companies such as Daimler and Akzo Nobel posted better than expected earnings and investors set aside geopolitical concerns to focus on upbeat U.S. earnings and economic data. The German DAX and France's CAC 40 rose about 0.2 percent each, while the U.K.'s FTSE 100 inched up marginally. U.S. stocks posted modest gains overnight, as investors weighed earnings from companies including Boeing, PepsiCo, Delta, Dow Chemical, Microsoft and Apple while keeping a wary eye on developments in Ukraine and Gaza. The tech-heavy Nasdaq rose 0.4 percent and the S&P 500 gained 0.2 percent to finish at a fresh record closing high, while the Dow slipped 0.2 percent. Copyright RTT News/dpa-AFX |