Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Euromarkets Return To A Downtrend

By Panayiotis MiltiadousMarket OverviewAug 11, 2015 06:22AM ET
Euromarkets Return To A Downtrend
By Panayiotis Miltiadous   |  Aug 11, 2015 06:22AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

The European markets began under the weight of the export sector, with the indices recording losses after the news that China proceeded with a devaluation of its currency.

The British FTSE 100 index fell by 0.51% at 6,698 points, the German DAX recorded a fall of 0.70% at 11,524 points and the French CAC 40 moved downwards by 0.66% at 5,161 points.

European STOXX 600 index fell by 0.43% at 398.09 points.

On the board, the companies that derive a significant portion of their revenues from exports recorded significant losses, as it is estimated that the devaluation of the Chinese yuan will hurt their sales. BMW (XETRA:BMWG) and Daimler AG NA O.N. (XETRA:DAIGn) lost over 1.8%, while the LVMH Moet Hennessy Louis Vuitton SA (PARIS:LVMH) and Swatch Group (SIX:UHR) made losses of more than 2.2%.

Also, Adecco (SIX:ADEN) fell by 3.3%, as it announced that the profits and revenues of the second quarter were lower than expected. The company's profit was €177 million, while analysts expected it to reach €182 million.

In contrast, Konecranes Oyj (LONDON:0MET) increased by 24%, after the agreement that occurred for the merger with Terex Corporation (NYSE:TEX). Earlier, it became known that the Central Bank of China proceeded with a devaluation of the yuan with the Chinese currency to decline almost to a 3-year low. The devaluation was around 2%.

Google (NASDAQ:GOOGL) Creates New Umbrella Company Alphabet

Google creates “umbrella” company under the name Alphabet according to an official statement, MarketWatch says.

Alphabet will replace Google as a «brand name» and all Google's shares will go to the newly-formed company.

The current head of Google, Larry Page, will be the new Managing Director (CEO) of Alphabet. Sundar Pichai will be the new Google CEO from now on.

The aim is to publicize the results of the two companies for the fourth quarter of 2015 - Google and Alphabet - says the announcement.

Euromarkets Return To A Downtrend

Related Articles

Euromarkets Return To A Downtrend

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email