European oil stocks, BG decline
Friday, 19 October 2007
LONDON, Oct 18 (Bloomberg): European energy stocks fell after analysts forecast ``weak'' results for oil producers and downgraded shares of BG Group Plc of the U.K. Royal Dutch Shell Plc and Total SA retreated.
SAP AG, the world's largest maker of business-management software, dropped after earnings missed analysts' estimates. Syngenta AG led chemical producers higher after reporting better- than-expected sales. Nokia Oyj rallied after the world's largest mobile-phone maker posted earnings that topped estimates.
Benchmarks were little changed, with the Dow Jones Stoxx 600 Index slipping less than 0.1 per cent to 386.39 as of 11:02 a.m. in London. The index has climbed 9.6 per cent from a five-month low on Aug. 16 after the US Federal Reserve cut borrowing costs and concerns eased that turmoil in credit markets would stifle growth in the world's largest economy.
``We're indecisive about the market,'' said Laurent Vallee, a fund manager at Richelieu Finance in Paris, which oversees $5 billion. ``We're hesitating between a market supported by the idea of a rate cut and a market declining because of a possible economic slowdown in the US''
Most US stocks rose yesterday, helping the Standard & Poor's 500 Index advance for the first time in three days, after JPMorgan Chase & Co. reported profit that beat analysts' estimates.
Asian stocks climbed today. Hong Kong's Hang Seng Index touched 30,000 for the first time after Beijing regulators said they may allow arbitrage between shares on the mainland and in the city. China's CSI 300 Index lost 3.6 per cent, the most in five weeks.
National benchmarks fell in 12 of the 17 western European markets that were open. The U.K.'s FTSE 100 slid 0.2 per cent, and Germany's DAX added 0.2 per cent. France's CAC 40 was little changed. The Stoxx 50 lost 0.1 per cent, while the Euro Stoxx 50, a measure for the euro region, advanced 0.1 per cent.
BG Group, Britain's third-biggest oil and natural-gas company, dropped 1.7 per cent to 895.5 pence. JPMorgan lowered its recommendation on the stock to ``neutral'' from ``overweight.''
SAP AG, the world's largest maker of business-management software, dropped after earnings missed analysts' estimates. Syngenta AG led chemical producers higher after reporting better- than-expected sales. Nokia Oyj rallied after the world's largest mobile-phone maker posted earnings that topped estimates.
Benchmarks were little changed, with the Dow Jones Stoxx 600 Index slipping less than 0.1 per cent to 386.39 as of 11:02 a.m. in London. The index has climbed 9.6 per cent from a five-month low on Aug. 16 after the US Federal Reserve cut borrowing costs and concerns eased that turmoil in credit markets would stifle growth in the world's largest economy.
``We're indecisive about the market,'' said Laurent Vallee, a fund manager at Richelieu Finance in Paris, which oversees $5 billion. ``We're hesitating between a market supported by the idea of a rate cut and a market declining because of a possible economic slowdown in the US''
Most US stocks rose yesterday, helping the Standard & Poor's 500 Index advance for the first time in three days, after JPMorgan Chase & Co. reported profit that beat analysts' estimates.
Asian stocks climbed today. Hong Kong's Hang Seng Index touched 30,000 for the first time after Beijing regulators said they may allow arbitrage between shares on the mainland and in the city. China's CSI 300 Index lost 3.6 per cent, the most in five weeks.
National benchmarks fell in 12 of the 17 western European markets that were open. The U.K.'s FTSE 100 slid 0.2 per cent, and Germany's DAX added 0.2 per cent. France's CAC 40 was little changed. The Stoxx 50 lost 0.1 per cent, while the Euro Stoxx 50, a measure for the euro region, advanced 0.1 per cent.
BG Group, Britain's third-biggest oil and natural-gas company, dropped 1.7 per cent to 895.5 pence. JPMorgan lowered its recommendation on the stock to ``neutral'' from ``overweight.''