European Indexes Finish Lower

A roundup of Friday's action on major European exchanges


The FTSE 100 lost 1.08% Friday as credit worries weighed. Wall Street was lower with focus on US industrial output and capacity utilisation figures for October. Starbucks says number of visits to its US stores fell on rising economic woes. Back home, pharma stocks come under pressure after ABN Amro cuts target on GLAXO (-0.25%). WTI is steady at US93.85/bbl on a surprise stock build. Bargain hunters put a shine on gold. Copper and zinc prices drop on worries of monetary tightening in China, leading mining stocks lower. In the sector, M&A rumours swirl. BHP BILLITON (+0.31%) may raise its all-share offer to 3.5 shares for each RIO TINTO (+1.48%) share, from the earlier 3-for-1 offer. Also, RIO TINTO is considering launching a counterbid on BHP, according to The WSJ. BP (+0.51%) is to sell about 700 US convenience stores, eliminating close to 10,000 jobs. Fitch Ratings has cut BARCLAYS' (-2.17%) outlook to negative from stable. In broker action, Morgan Stanley ups target on TULLOW OIL (+0.31%) to £7.40/sh. CADBURY SCHWEPPES (+1.31%) sweetens up after Bernstein reiterates outperform saying the company looks attractively valued post the Beverages division spin-off.

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