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European equities head south reacting to Wall Street sell-off
On Friday, European equities reported quite limited losses, reacting to another sell-off on Wall Street that demonstrated a correction with the indexes Dow Industrials and S&P 500 edging down more than 10% from their January 26 record maximums.
Europe's STOXX 600 index went down 0.2%, with the vast majority of EU benchmarks standing still or heading south. On Thursday, the index had already inched down 1.6%, while dives stepped up towards the end of the session.
The pan-European benchmark has gone down more than 4% so far in 2018.
Utilities equities supposed to be affected by soaring interest rates, turned to be the top losers. The sector's index went down 0.9%.
As for energy equities, they found themselves in negative territory as well because crude dived for a sixth day following Iran’s recent announcement to step up output, while American crude output demonstrated record maximums.
The gas and crude index went down 0.5%, with Royal Dutch Shell as well as BP descending both 1.1%.
AP Moller-Maersk confounded fourth-quarter revenue hopes and edged down 4.3%.
Belgium's Umicore happened to be the number one gainer having acquired up to 892 million euros for fresh investments having to do with rechargeable battery materials.
Besides this, the technological sector rallied 0.3%. Infineon managed to grasp 2.5%, while Siltronic boasted +2.3%.
Equities in French cosmetics group L'Oreal tacked on 1.8% right after its fourth-quarter sales surpassed hopes as well as comments by its CEO as for its intentions on Nestle's stake definitely underpinned the stock.
Italian investment bank Mediobanca grew 1.9% having stepped up its dividend guidance after second-quarter revenue confounded estimates on higher fees and net interest income.
UBI Banca tacked on 0.9%. The company was geared up to selling an enormous package of bad loans for the next three years for the purpose of cleaning up its balance sheet.
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