Europe Stocks Post Weekly Decline as Renault Weighs on CarmakersBy
Declines in auto-related shares and commodity producers dragged European stocks lower as a busy earnings week drew to a close.
The Stoxx Europe 600 Index fell 1 percent at the close. The gauge fell 0.5 percent in the past five days, capping its second straight weekly decline. Renault SA fell 5.1 percent Friday, pulling down carmakers, after its profit missed estimates and the company said price pressures are rising in some markets. Miners snapped a three-day advance.
- Among shares moving on corporate results:
- L’Oreal SA fell 2.8 percent after reporting second-quarter sales that missed estimates.
- Credit Suisse Group AG gained 3.1 percent after the lender posted second-quarter profit that beat estimates.
- Adidas AG jumped 4.1 percent after the company raised its revenue and profit forecasts, helped by strong sportswear sales and the disposal of its CCM hockey business.
- Fund managers poured $3.3 billion in European equity funds in the week ended July 26, the largest inflow in 11 weeks, according to a Bank of America Merrill Lynch note citing EPFR Global data.
- Imperial Brands Plc and British American Tobacco Plc. fell at least 3.8 percent on the news that the U.S. Food and Drug Administration plans to explore regulating the level of nicotine in conventional cigarettes.
— With assistance by Elena Popina