Société Générale shares fall, Renault gains
Continue Reading Below
European stocks clung to modest gains Friday, with German and British blue chips trading a record highs, but a clutch of corporate earnings reports and developments limited the gain for the region's benchmark.
Share-price decliners included Société Générale SA after the French lender's fall in profit.
What markets are doing:
The Stoxx Europe 600 index was up 0.1% at 395.43, but the advance was held down by losses for financial, telecom, utility and oil and gas shares.
Germany's DAX 30 index rose 0.3% to 13,482.93, on course to notch a new all-time closing high. Also on track for a record was the U.K.'s FTSE 100 as it rose 0.3% to 7,576.59 (http://www.marketwatch.com/story/ftse-100-on-course-for-fresh-record-as-pound-stutters-2017-11-03).
Continue Reading Below
But France's CAC 40 was up less than 1 point at 5,511.02 while Spain's IBEX 35 dropped 1.3% to 10,321.20.
The Stoxx 600 earlier this week closed at its highest in more than two years. For the week, the index was looking at a 0.5% increase. That would be the second straight weekly rise.
What's moving markets:
Pullbacks in the euro and the pound against the dollar this week have helped bolster shares of exporters. That's because a weaker currency make products less expensive for foreign buyers and boosts earnings made overseas when converted back into euros or pounds.
The euro traded at $1.1649, down from $1.1658 late Thursday in New York. It's lost about 0.4% this week. The pound was on course for a 0.5% weekly decline, after plunging 1.4% against the greenback on Thursday, according to FactSet data, following the so-called dovish rate hike at the Bank of England.
The dollar will be in focus Friday with the 8:30 a.m. Eastern Time release of the monthly U.S. jobs report.
Read:Analysts react to historic U.K. rate rise (http://www.marketwatch.com/story/boe-delivers-a-typical-dovish-hike-analysts-react-to-historic-uk-rate-rise-2017-11-02)
Schibsted ASA shares (SCHA.OS) surged 19% as the Norway-based media group posted third-quarter sales of 4.16 billion kroner ($510 million), higher than 3.79 billion kroner a year ago, and above a FactSet forecast of 4.01 billion kroner.
Société Générale SA (GLE.FR) fell 3.2%, with the French lender saying third-quarter profit fell 15% (http://www.marketwatch.com/story/societe-generale-profit-dives-hit-by-low-rates-2017-11-03) to EUR932 million ($1.09 billion), hurt by low interest rates, a low-volatility environment and litigation provisions.
Vestas Wind Systems A/S shares (VWS.KO) tumbled 11% after the Republican-backed tax bill unveiled Thursday included proposed cuts in tax credits for renewable energy. In Madrid, shares of wind turbine maker Siemens Gamesa Renewable Energy SA dropped 4.6%.
Altice NV shares (ATC.AE) sank 10% after the telecommunications services company said adjusted full-year Ebitda may grow at the low end of its guidance range for high single-digit growth (http://www.marketwatch.com/story/altice-earnings-rise-on-strong-us-performance-2017-11-03).
TP ICAP PLC (TCAP.LN) fell 5.5% after the interbroker dealer warned of a challenging outlook for the last quarter of the year (http://www.marketwatch.com/story/tp-icap-warns-on-outlook-cfo-steps-down-2017-11-03). It also said Chief Financial Officer Andrew Baddeley is stepping down from the board with immediate effect.
Renault SA (RNO.FR) popped 5.1% higher as the car maker said it bought a portion of its own shares that the French government decided to sell. (http://www.marketwatch.com/story/renault-buys-10-of-own-shares-sold-by-france-2017-11-03)
Data: A reading on U.K. services-sector activity for October came in at 55.6, above the 53.3 expected in a FactSet consensus estimate.
(END) Dow Jones Newswires
November 03, 2017 06:36 ET (10:36 GMT)