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MW: European stocks fall as earnings, Fed weigh
 
European stocks dropped Thursday as the market grappled with downbeat data from the eurozone that followed cautious words from the Federal Reserve about global conditions.

The Stoxx Europe 600 SXXP, -1.17% reversed an earlier gain to lose 1.3% at 335.90, with Germany’s DAX 30 DAX, -1.57% slumping by 1.5% at 9,728.71.

In Frankfurt, Deutsche Bank DBK, -4.35% DBK, -4.21% shares fell 4% after the German lender reported its first fiscal-year loss since the global financial crisis, in part because of restructuring and severance charges. The shares found little relief even after Deutsche Bank said there wasn’t a need for the bank to raise capital.


Only the oil and gas SXEP, +0.68% sector clung to a pared-down advance as oil prices CLH6, +1.98% LCOH6, +2.45% switched between gains and losses. Shares of British oil major BP PLC BP., +0.36% BP, -0.20% turned lower by 0.2% and Finnish refiner Neste NESTE, -1.15% declined 1.1%. Total SA FP, -0.24% TOT, +0.46% shares were off 0.4% following reports that Iran’s energy minister said the country will sign a deal with the French oil producer.

Anglo American PLC AAL, +10.50% was among Thursday’s winners as shares rallied 8%. The miner posted a mixed fourth-quarter output report, saying iron ore production was up 8.4%, while diamond production declined in response to weaker gemstone prices.The loss in Europe came after the Federal Reserve acknowledged late Wednesday that growth in the world’s largest economy has slowed since December, leaving questions about whether an interest-rate increase will take place in March.

“Given the aggressive selloff in the global stock markets since the beginning of the year, combined with rising concerns on China and the multiyear low commodity and oil prices, it should be reasonable to expect that the Fed should soften the path of rate normalization,” said Lewis Sturdy, sales trader at London Capital Group, in a note. “This issue now is one of credibility, or lack thereof.”

Turmoil in global markets this year has hurt confidence among eurozone businesses and households, according to the European Commission which said Thursday its Economic Sentiment Indicator fell to its lowest since August.

“The dent in leading indicators now strengthens the case of the doves,” at the European Central Bank, wrote Holger Schmieding, chief economist at Berenberg, in a note. Berenberg now expects the ECB in March to raise the amount of its monthly asset purchases to €75 billion from €60 billion, and reduce the deposit rate by 10 basis points to -0.4%. A basis point is equal to 0.01%.

Indexes: The U.K’s FTSE 100 UKX, -0.63% fell 0.7% to 5,951.11 and France’s CAC 40 PX1, -1.15% gave up 0.9% at 4,337.18.

In London, the pound GBPUSD, +0.7658% surged to $1.4313 after U.K. fourth-quarter growth of 0.5% met expectations.

The euro EURUSD, +0.2203% was buying $1.0911 compared with $1.0900 late Thursday in New York.

Movers: Hennes & Mauritz AB HMB, -4.26% fell 4% as the Swedish apparel retailer said the strong dollar and mild November weather across Europe and North America led to an 11% profit decrease in the fourth quarter.

Roche Holding AG ROG, -3.02% shares were shoved down 4% as the Swiss drugmaker’s core net profit missed expectations. Growth is set to slow next year, the company said.

Metro AG MEO, -4.58% stumbled 4.4% following a ratings downgrade for the German diversified retailer to underweight from neutral by J.P. Morgan.

Investing Insights: A global markets survival guide
If you’ll be in London on Tuesday, Feb. 23, you’re invited to join us for an evening of cocktails and conversation on the topics of shifting monetary policy, growth, currencies, and the outlook for investing opportunities and risks in European and global markets.

Our panelists for the evening will include MarketWatch Personal Finance and Investing Columnist Robert Powell; Mark Hulbert, Editor of the Hulbert Financial Digest; and Virginie Maisonneuve, Founder and Managing Director of Maisonneuve Global Advisors.

The event is free and open to the public, but reservations are required. For more information or to RSVP for the event, please email
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