EUROPE MARKETS: European Stocks End Lower For 2nd Straight Day As Banks Fall
Ubisoft is top gainer; Gemalto also jumps
European stocks declined Wednesday, enduring a second straight loss, as Credit Agricole SA was a decliner among bank shares.
What markets are doing: The Stoxx Europe 600 edged down by less than 0.1% to end at 394.45, pulling back further from its 52-week closing high made last week. On Tuesday, the benchmark fell 0.5% (http://www.marketwatch.com/story/european-stocks-wobble-around-1-year-high-2017-11-07).
In Wednesday's trade, Germany's DAX 30 index was up less than 0.1% to end at 13,382.42, while France's CAC 40 shed 0.2% to 5,471.43.
The U.K.'s FTSE 100 closed up 0.2% at 7,529.72, creeping back toward Monday's record close. Spain's IBEX 35 was down less than 0.1% at 10,228.70.
The euro traded at $1.1591, 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 Crédit 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 videogame maker's sales exceeded expectations.
Meanwhile, the Stoxx Europe 600 Bank Index fell 0.1%. 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: Crédit Agricole shares (ACA.FR) sank 3.2% 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.
Ubisoft Entertainment SA (UBI.FR) rallied 9.3% to a record high, according to FactSet data, as the company behind "Assassin's Creed" and other videogames said second-quarter sales of EUR264.2 million outstripped its target of EUR190.0 million. Ubisoft was the top gainer in the Stoxx 600.
Italian lender Banco BPM SA (BAMI.MI) led decliners in the index, as shares in fell 7.5%.
Gemalto NV (GTO.AE) climbed 5.2% 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.
(END) Dow Jones Newswires
November 08, 2017 12:52 ET (17:52 GMT)