Warnings and downgrades put pressure on European equities

Warnings and downgrades put pressure on European equities

On Friday, dismal earning updates as well as a series of broker downgrades put pressure on European equities, thus leaving regional indexes on track for their second weekly decline in a row.

Market participants have been locking in revenues, shrugging off everlasting strength in economic data because euro zone earnings surge slowed versus the previous quarters and caution rallied over whether a stock market soar could continue or not.

On Friday, Elior went down 12% after Europe's number three catering group reduced its revenue guidance, pointing to the impact of Hurricane Irma.

Equities in Fresenius SE, Just Eat, Greene King, United Utilities as well as H&M all went down more than 2% following ratings downgrades from brokers.

The STOXX 600 headed south 0.2%.

As for top gainers, we should mention Vivendi, which gained 1.5%. The benchmark reversed earlier weakness because traders assessed an earnings report from the acquisitive French media conglomerate.

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