Euro Zone GDP Rises 0.3%, Schindler and ThyssenKrupp in Focus

Devan Biswas
14 Feb, 2014
New York City

Stocks reacted to earnings and economic news in the euro zone region. The economy in the region advanced at a faster than expected pace led by Germany and France. Schindler AG declined 1% on a fall in annual net. ThyssenKrupp soared 4% on better than expected operating earnings.

Stocks reacted to earnings and economic news in the euro zone region. The economy in the region advanced at a faster than expected pace led by Germany and France.

Gross domestic product in the euro area increase increased 0.3% in the final quarter in 2013 following 0.1% rise in third quarter. The data was released by the statistics office in Luxembourg.

In London trading FTSE 100 index increased 0.1% or 4.2 to 6,664 and in Frankfurt the DAX index added 0.7% or 65.6 to 9,662.

In Paris trading, CAC 40 index increased 0.6% or 27.3 to 4,340.

In Italy, FTSE MIB increased 1.6% to a high not seen since 2011 after Prime Minister Enrico Letta resigned and pave the path for a new government that may be led by Matteo Renzi.

38 years old Renzi, if elected as prime minister, will be the youngest prime minister in the history of Italy.

European Stocks

Fresnillo Plc led the precious metals miners with a rise of 5.2% to 971 pence after gold and silver prices gained.

Investment AB Kinnevik plunged 12% 238.20 kronor after the investment holding company controlled by Sweden based Stenbeck family said future dividend growth will lag from the previous years as the company rebalances its investment and shareholder returns.

Ladbrokes Plc added 2.5% to 149.2 pence and reversed some of the year-to-data losses of 16% after UBS AG lifted its opinion on the betting parlor.

Schindler AG decreased 1% to Sfr132.02 after the maker of elevators said net income in 2013 declined to Sfr463 million from Sfr730 million a year ago. Sales increased 8.4% in constant currency to Sfr8.81 billion.

ThyssenKrupp soared 4% to 20.40 euros after the Germany based largest steel-marker reported adjusted operating earnings doubled to 247 million euros in the fiscal first quarter.