Gemalto and Ubisoft are top gainers
European stocks declined Wednesday, potentially on course for a second straight loss, as Credit Agricole SA was a decliner among bank shares.
What markets are doing: The Stoxx Europe 600 lost 0.1% at 394.32, as financial, telecom and industrial shares lost ground. But health care and basic material shares led sectors that were rising. On Tuesday, the benchmark fell 0.5% (http://www.marketwatch.com/story/european-stocks-wobble-around-1-year-high-2017-11-07), pulling back further from its 52-week closing high made last week.
In Wednesday's trade, Germany's DAX 30 index was up 0.1% at 13,388.07, while France's CAC 40 shed 0.1% to 5,477.84.
The U.K.'s FTSE 100 was up 0.1% at 7,516.789. The index on Monday marked a record close. Spain's IBEX 35 was down 0.2% at 10,209.60.
The euro traded at $1.1597, slightly higher than $1.1587 late Tuesday in New York.
What is moving markets: A new wave of corporate earnings reports rolled in Wednesday. French lender Credit Agricole's decline in profit was narrower than anticipated, but there was a shortfall in revenue. But among advancing shares, Ubisoft Entertainment SA hit a record high after the French video game maker's sales exceeded expectations.
Meanwhile, the Stoxx Europe 600 Bank Index fell 0.6%. Analysts have been noting that declining bond yields in the eurozone in the wake of the ECB's recent monetary policy decision has been a source of pressure for lenders. Bond yields fall when prices rise.
Stock movers: Credit Agricole shares (ACA.FR) sank 4.6% as the lender's third-quarter revenue rose 22% to EUR4.58 billion, but that was below a FactSet consensus estimate of EUR4.74 billion (http://www.marketwatch.com/story/credit-agricole-net-profit-falls-beats-forecasts-2017-11-08). Quarterly profit slid 43% to EUR1.07 billion ($1.24 billion), which was above expectations of EUR993 million.
Gemalto NV (GTO.AE) climbed 5.3% following a ratings upgrade to buy from neutral at UBS, which said the market is underestimating the digital security company's growth potential and scope of cost savings.
Ubisoft Entertainment SA (UBI.FR) rallied 8.5% to a record high of EUR70.90 a share, according to FactSet data, as the company behind "Assassin's Creed" and other video games said second-quarter sales of EUR264.2 million outstripped its target of EUR190.0 million.
Gemalto and Ubisoft were the top gainers on the Stoxx 600.
Italian lender Banco BPM SA (BAMI.MI) and Vienna-based building materials supplier Wienerberger AG led decliners index as shares in each fell by 6.3%.
(END) Dow Jones Newswires
November 08, 2017 05:53 ET (10:53 GMT)