EUROPE MARKETS: European Stocks Finish In The Red, Led Lower By Maersk, Siemens Gamesa

Zalando lowers profit view; eurozone retail sales outstrip expectations

European stocks ended with losses Tuesday, led lower by earnings-driven drops for A.P. Moeller-Maersk A/S and Siemens Gamesa Renewable Energy SA.

What markets are doing: The Stoxx Europe 600 closed down 0.5% at 394.65, pulling back further from its 52-week closing high of 396.77 logged Nov. 1.

Germany's DAX 30 index fell 0.7% to end at 13,379.27, while France's CAC 40 shed 0.5% to 5,480.64.

The U.K.'s FTSE 100 slumped by 0.7% to finish at 7,513.11, retreating from Monday's record close.

The euro traded at $1.1577, little changed from $1.1571 late Monday in New York.

What's moving markets: The worst-performing stocks in the Stoxx 600 were those that issued financial updates. Shares of Zalando SE, for example, tumbled after the German retailer lowered its profit outlook. Elsewhere in the sector, a lackluster report on U.K. sales dampened shares of London-listed retailers. Retail sales rose 0.2% in October, the slowest rate of growth since May, according to figures from the British Retail Consortium and KPMG.

But eurozone retail sales figures released Tuesday came in above expectations.

The Stoxx Europe 600 Oil & Gas Index leapt 0.7% as oil prices were down but still around two-year highs ( Brent crude remained near $64 a barrel.

Stock movers: A.P. Moeller-Maersk A/S (MAERSK-B.KO) fell 7.1% as the Danish shipping and oil conglomerate swung to a net loss for the third quarter ( after booking a $1.75 billion impairment charge in Maersk Drilling. It was the Stoxx 600's biggest loser.

Delivering the index's second-biggest loss, Siemens Gamesa Renewable Energy SA (SGRE.MC) tumbled 6.8%. The wind turbines maker reported weaker-than-expected fiscal 2017 results ( and said it could reduce its workforce by more than a fifth.

Zalando shares (ZAL.XE) fell 5.7% as the company forecast fourth-quarter adjusted EBIT margin to be slightly below last year's level (, leading to a full-year adjusted EBIT margin of slightly below 5%. Zalando previously expected adjusted EBIT margin in the lower half of the 5% to 6% range.

Dialog Semiconductor PLC (DLG.XE) dropped 5.7% even as Apple supplier posted a rise in operating profit for the third quarter.

G4S PLC shares (GFS.LN) sank 4.7% after the world's largest security provider said in a trading update ( that it expects full-year revenue growth of between 3% to 4%, compared with its August forecast for revenue growth in 2017 of 4% to 6%.

Shares of U.K.-based retailers Marks & Spencer Group PLC (MKS.LN) and Next PLC (NXT.LN) fell 1% and 1.1%, respectively, after the BRC sales report.

Economic docket: Eurozone retail sales rose 0.7% in September on a month-over-month basis, above expectations of 0.6% in FactSet survey of economists. Year-over-year sales growth of 3.7% outstripped the 2.9% consensus estimate.

(END) Dow Jones Newswires

November 07, 2017 12:51 ET (17:51 GMT)