European stocks fell for a second day, following Asian shares lower, amid speculation the Federal Reserve will curb its bond-buying program as soon as next month.
Officials will probably begin to reduce the buying next month, according to 65 percent of economists surveyed by Bloomberg on Aug. 9-13. The FOMC holds its next two-day meeting on Sept. 17-18.
National benchmark indexes dropped in 17 of the 18 western European markets. France’s CAC 40 Index slipped 1.4 percent, Germany’s DAX Index lost 0.8 percent and the U.K.’s FTSE 100 Index fell 0.2 percent.
BHP Billiton retreated 1.7 percent to 1,923.5 pence. The world’s biggest mining company said full-year profit slumped 30 percent after prices declined. Net income dropped to $10.9 billion in the year to June 30 from $15.4 billion a year ago. Profit, excluding one-time items, of $11.8 billion missed the $12.7 billion median forecast of analyst surveyed by Bloomberg.
Glencore Xstrata dropped 1.6 percent to 297.15 pence. The world’s biggest exporter of power station coal said first-half profit slid 39 percent and it wrote down the value of assets acquired in the Xstrata Plc takeover by $7.7 billion. Adjusted net income fell to $2.04 billion from $3.36 billion a year earlier, Glencore said. That still beat the $1.87 billion average estimate of six analysts surveyed by Bloomberg.
Deutsche Wohnen AG slipped 4.7 percent to 13.49 euros after it offered to buy GSW Immobilien AG in an all-share transaction that would create the second-largest owner of German homes. GSW jumped 6.3 percent to 33.45 euros, its highest price in almost three months.
Lindt gained 2.2 percent to 43,160 Swiss francs. The chocolate maker raised its profitability forecast after reporting first-half earnings that beat estimates as improving economic growth boosted consumption. The operating-margin increase this year will be near the upper end of a targeted 0.2 percentage-point to 0.4 percentage-point range. First-half net income rose 40 percent to 48.8 million Swiss francs ($53 million), beating the 44.3 million-franc average of five analyst estimates.
U.S. stock futures edged slightly higher, although there was little news to shake investors out of their recent downbeat mood amid speculation about when the U.S. will begin to tighten monetary policy.
Home Depot (HD)announced a gain in quarterly net profit and raised its guidance for 2013.
Global Stocks:
Nikkei 13,396.38 -361.75 -2.63%
Hang Seng 21,970.29 -493.41 -2.20%
Shanghai Composite 2,072.59 -13.01 -0.62%
FTSE 6,428.2 -37.53 -0.58%
CAC 4,025.28 -58.70 -1.44%
DAX 8,282.92 -83.37 -1.00%
Crude oil $105.83 -1.19%
Gold $1368.50 +0.21%
Upgrades:
Downgrades:
Wal-Mart (WMT) downgraded to Neutral at Susquehanna; tgt lowered to $79 from $85
Other:
Facebook (FB) initiated with Buy and $50 tgt at Janney
Asian benchmark stock index headed for the lowest closing level in six weeks as investors sold riskier assets across the region and emerging markets as U.S. 10-year Treasury yields touched a two-year high.
Nikkei 225 13,396.38 -361.75 -2.63 %
Hang Seng 21,955.68 -508.02 -2.26 %
S&P/ASX 200 5,078.18 -34.35 -0.67 %
Shanghai Composite 2,072.59 -13.01 -0.62 %
QBE Insurance Group Ltd.sank 5.5 percent as first-half net income at Australia’s largest insurer by market value plunged 37 percent.
BHP Billiton Ltd. dropped 1.4 percent in Sydney before the world’s biggest mining company reported profit that missed analyst estimates.
Everbright Securities Co. slumped 10 percent in Shanghai as trading resumed after a trading error at the Chinese brokerage whipsawed stocks last week.
Nikkei 225 13,758.13 108,02 0,79%
Hang Seng 22,442.34 -75,47 -0,34%
S & P / ASX 200 5,112.53 -1.33 -0.03%
Shanghai Composite 2,085.6 17,15 0,83%
FTSE 100 6,465.52 -34.47 -0.53%
CAC 40 4,084.06 -39.83 -0.97%
DAX 8,367.21 -24.73 -0.29%
DJIA 15,010.70 -70.73 -0.47%
S&P 500 1,646.05 -9.78 -0.59%
NASDAQ 3,589.09 -13.69 -0.38%
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