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MENAFN - ecPulse - 12/09/2013

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(menafn – ecpulse)

European shares dropped on Thursday after the release of downbeat euro area industrial production report which offset the optimism triggered by the possible cancellation to a U.S. military strike on Syria.  

Industrial output slipped 1.1 percent in July from both prior and predicted readings of 0.3 percent. On the yearly basis, the reading also plummeted 2.1 percent from a revised of -0.4 percent and median forecast of -0.2 percent.

Eyes will focus later in the day on U.S. initial jobless claims which may a rise for the first in three weeks to 330,000 in the week ended September 6 from a prior of 323,000, according to median forecast.

Still, there are some expectations the Fed would taper its stimulus during next week’s meeting.

On the political side, threats from a military strike have faded as the U.S. seeking diplomatic solutions.

U.S. Secretary of State John Kerry and Russian foreign Minister Sergei Lavrov will meet in Geneva today to discuss the possibility of putting Syria’s chemical weapons under international control.  

As of 06:56 EST, STOXX EUROPE 600 slipped 0.15% to record 310.41 points. Industrials led the decline with a drop of 0.52%, where the largest losses were recorded by Erste Group Bank as its shares plummeted 4.71% to 23.69 euros.

The largest gains, on the other hand, were led by Bollore as its equities rose 5.69% to 388.00 euros. 

Regarding other major European indices, Germanys DAX 30 slipped 0.09% to 8488.36 points. France’s CAC 40 index plunged 0.36% to 4104.32 points, and FTSE 100 dipped 0.02% to 6586.98 points.


 






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