Major European stock indices trading in the red zone

European stocks are down moderately, continuing the trend of the previous five sessions. Pressure on the marketa put a drop in shares of energy companies in response to the news that the largest oil-producing countries have failed to agree on production cuts.

Experts note that a mediocre corporate reporting season, fears of tighter monetary policy and the upcoming US presidential election mimited the gains of stocks in recent weeks. Currently, the average projections indicate that by the end of this year, profits of companies included in the Stoxx 600 index, can be lower by 4.1 percent. Meanwhile, a report by Bank of America Corp, presented on Friday, saw the 38th consecutive weekly outflows from equity funds in the region, which is the longest series ever recorded.

Preliminary report submitted by Eurostat showed that in October, consumer prices in the eurozone rose by 0.5% after rising 0.4% last month. Last review confirmed the experts' predictions. A increase in prices for the fifth month in a row. The core consumer price index, which does not take into account the volatile energy and food prices, rose 0.8%, which coincided with the change in September, and forecasts.

A separate report showed that third-quarter euro-zone gross domestic product grew by 0.3 percent compared to the second quarter, when a similar increase was recorded. The latter change also coincided with forecasts. On an annualized basis, eurozone economic growth stabilized at 1.6 per cent, confirming analysts' estimates. In addition, it became known that the EU euro area expanded by 0.4 percent in quarterly terms and by 1.8 per cent compared with the same period last year. Recall in the second quarter, GDP grew by 0.4 percent and 1.8 percent respectively.

The composite index of the largest companies in the region Stoxx Europe 600 lost 0.45%. If by the end of the day the index will not be able to recover it will recorde six consecutive sesions of decline that will the longest series of losses since February.

The capitalization of BP Plc and Tullow Oil Plc fell more than 1 percent after OPEC did not complete a deal.

WPP shares rose by 3.5 percent after the world's largest advertising company reported an increase in quarterly sales.

Sika shares jumped 14.2 percent, as a Swiss court upheld the company's proposal to block the absorption of Cie de Saint-Gobain. Shares of French rival dropped by 1.4 percent.

Quotes of Centamin climbed 0.6 percent after the company said it expects gold production near the top of its forecast for 2016.

At the moment:

FTSE 100 6966.43 -29.83 -0.43%

DAX -40.23 10655.96 -0.38%

CAC 40 4511.28 -37.30 -0.82%