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European stocks pulled lower by oil producers
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European stocks pulled lower by oil producers
European stocks slipped yesterday, pulled lower by miners and oil producers after crude dipped below $73 a barrel as the truce between Israel and Hizbollah held for a second day.
The FTS Eurofirst 300 index of leading European shares was 0.2 percent lower at 1 341.4 points having closed the previous session at a one-week high. Some markets including Italy and Greece are closed for Assumption Day, and although Bourses in France and Switzerland are open, volumes are likely to be hit by the public holiday.
?Although we think the market looks reasonable value, we are very concerned about the earnings, so we are quite defensive and sitting on quite a lot of cash,? said Andrea Williams, head of European equities at Royal London Asset Management.
?We?ve got to feel a bit more pain to get the market lower before we would reinvest that cash in cyclical areas because we still think those cyclical stocks are too expensive.?
Oil stocks slipped, with BP down 0.5 percent and Royal Dutch Shell down 0.4 percent with crude weaker as concerns over threats to Middle East supply eased as the fragile truce held. Mining stocks slid, with Rio Tinto down 1.2 percent and BHP Billiton down 1.1 percent. Xstrata was down 1 percent after effectively taking control of Canadian miner Falconbridge.
Among financial stocks, UBS added 1.5 percent after the world?s largest wealth manager posted a 47 percent quarterly profit jump, but cautioned the second-half could prove harder.
Elsewhere in the sector, Zurich added 1 percent, supported by a price target upgrade.
?Driving the jump in price has been news of a deal which will prevent a rival from launching a generic alternative to its attention deficit hyperactivity disorder drug, Adderall,? said David Binns trader at CMC Markets.
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