Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Chinese Export Data Hits Stocks Hard

LONDON -- European equity markets are set to end the week on a negative note Friday, putting an end to a fairly positive performance over the past few sessions as weak Chinese trade data overnight casts a shadow over the global economic recovery. Data from the Asian giant showed export growth collapsing last month, climbing just 1%, while imports grew 4.7% At the same time, new local currency lending fell from 919.8 billion Yuan in June to just 540.1 billion Yuan in July -- all adding to concerns that global economic growth is not as investors would hope.

In Europe, peripheral countries are leading losses, with the Spanish IBEX (INDEX: ^IBEX  ) the worst-performing benchmark index, down more than 1%.

As always, the following price moves are based on this morning's European trading.

Danish biotechnology firm Novozymes (NASDAQOTH: NVZMY.PK) is almost 4% lower today, hit by a report suggesting that the United Nations called for an output cut in ethanol biofuel, for which Novozymes produces enzymes. A report in the Financial Times said the UN has called for a suspension of U.S. government-mandated ethanol output because of rising corn prices.

Elsewhere, reinsurer Hannover Re (NASDAQOTH: HVRRY.PK) is down 3.5% after it reported second-quarter profits sliding 13% due to losses on hedging derivatives. The company said net income fell from 166.2 million euros last year to just 144 million euros, missing analyst estimates closer to 170 million euros.

On a more positive note, German manufacturer ThyssenKrupp (NASDAQOTH: TYEKF.PK) is up almost 7% after it reported profits that beat analyst estimates. The company said that earnings before interest and tax, or EBIT, fell almost 80% in the third quarter to 122 million euros, but this still came in much stronger than the 83 million euros predicted by most analysts.

At the same time, ThyssenKrupp reaffirmed its EBIT expectation for the full year, saying it should be in the "mid three-digit million euro range," which suggests that despite a high level of caution among its customers, it expects capital-goods business to continue to deliver a robust performance.

Finnish handset maker Nokia (NYSE: NOK  ) is seeing yet another day of strength, up almost 3% after announcing this week that it will sell its Qt app-tools unit to Digia as it moves away from its own software creation efforts and becomes more reliant on the Microsoft Windows Phone system.

As always, this morning's European news saw some winners and losers -- and perhaps some European buying opportunities. Indeed, legendary investor Warren Buffett has recently spent more than $1 billion buying the stock of a prominent European large cap. If you want to know why Buffett has bought into Europe, this special Motley Fool report -- "The One European Share Warren Buffett Loves" -- reveals everything, including the price he paid. You can download the report today for free, but hurry -- the report is available for a limited time only.

The Motley Fool is helping Europe invest. Better. And with the eurozone economy so uncertain, we're urging everyone to read "10 Steps To Making A Million In The Market" -- this report may transform your wealth. Click here now to request your free, no-obligation copy.

Further Motley Fool investment opportunities:

Karl Loomes does not own any share mentioned in this article. The Motley Fool has a disclosure policy.We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.

Read/Post Comments (1) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On August 12, 2012, at 7:42 PM, neamakri wrote:

    I looked up ThyssenKrupp. Friday's volume was 750.

    Yep, 750 shares.

Add your comment.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 1980227, ~/Articles/ArticleHandler.aspx, 10/21/2016 2:58:48 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,152.53 -9.82 -0.05%
S&P 500 2,141.03 -0.31 -0.01%
NASD 5,255.05 13.22 0.25%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/21/2016 2:43 PM
NOK $4.91 Down -0.10 -1.90%
Nokia CAPS Rating: **