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European stocks decline, new Ebola case weighs; Dax down 0.69%

Stock MarketsOct 24, 2014 03:33AM ET
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European stocks open lower on new Ebola scare - European stocks were lower on Friday, despite the release of positive German consumer climate data as news of a case of Ebola in New York City weighed on market sentiment.

During European morning trade, the DJ Euro Stoxx 50 retreated 0.71%, France’s CAC 40 lost 0.73%, while Germany’s DAX slumped 0.69%.

Data earlier showed that the Gfk German consumer climate index rose to 8.5 in October from 8.4 in September, whose figure was revised up from a previously estimated reading of 8.3.

Analysts had expected the index to fall to 8.0 this month.

But equity markets were hit after The New York Times reported on Friday that a doctor in New York City, identified as Craig Spencer, tested positive for the Ebola virus after returning from treating patients in West Africa.

Markets were also jittery following reports the U.K. must pay an extra £1.7 billion towards the European Union's budget because of the country's relative economic health.

Financial stocks were mixed, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) gained 0.45% and 0.14%, while Germany's Deutsche Bank (XETRA:DBKGn) slid 0.36%.

Among peripheral lenders, Intesa Sanpaolo (MILAN:ISP) slipped 0.22% and Unicredit (MILAN:CRDI) edged up 0.13% in Italy, while Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) eased 0.09% and 0.38% respectively.

Elsewhere, BASF (XETRA:BASFN) plummeted 2.42% after the chemical maker said it won't achieve its 2015 financial targets, calling them "ambitious."

On the upside, Volvo (ST:VOLVAs) soared 10.38% as the Swedish truckmaker said it plans to reduce costs by a further 3.5 billion kronor by the end of 2015, in addition to the 6.5 billion kronor already planned to be saved.

In London, FTSE 100 dropped 0.65%.

Tesco (LONDON:TSCO), down 3.33%, led losses for the second consecutive session after the grocer said on Thursday that accounting irregularities have gone on longer than initially reported.

Mining stocks were also on the downside, as Rio Tinto (LONDON:RIO) declined 0.52% and Antofagasta (LONDON:ANTO) lost 0.76%, while rivals Vedanta Resources (LONDON:VED) and Glencore Xstrata (LONDON:GLEN) tumbled 0.96% and 1.01% respectively.

In the financial sector, stocks were also mostly lower. Shares in the Royal Bank of Scotland (LONDON:RBS) edged down 0.19% and Barclays (LONDON:BARC) shed 0.43%, while HSBC Holdings (LONDON:HSBA) declined 0.71%. Lloyds Banking (LONDON:LLOY) held steady, up just 0.05%.

In the U.S., equity markets pointed to a lower open. The Dow 30 futures pointed to a 0.15% fall, S&P 500 futures signaled a 0.29% loss, while the NASDAQ 100 futures indicated a 0.33% decline.

Later in the day, the U.S. was to produce a report on new home sales.

European stocks decline, new Ebola case weighs; Dax down 0.69%

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