European stocks slipped on Wednesday after a lackluster day in Asia and a flow of predominantly disappointing corporate updates.
The FTSE 100 in London was recently down 0.21% at 6,143.78. Official U.K. data showed manufacturing and industrial output rebounded month-on-month in March after falling in February but both gauges were down on the year.
In Frankfurt, the Dax was down 0.38% at 6,143.78 and in Paris the Cac 40 was down 0.81% at 4.303.00. S&P 500 mini futures were recently down 0.34%.
Outdoor advertising company JCDeacaux plunged more than 9% in Paris after analysts cut their forecasts following comments about the second-quarter outlook. It predicted second-quarter organic revenue growth of about 3% “given the slowdown of the world economy.”
Utility E.ON (EONGY) was down more than 3% in Frankfurt after CFO Michael Sen noted that its “traditional business remains under pressure” as it reported first-quarter profit inflated by a one-time gain related to the renegotiation of a gas supply contract with Gazprom (OGZPY) .
In Amsterdam, Patrick Drahi’s cable investor Altice was down almost 2% as it reported almost stagnant first-quarter earnings as revenue declined in its French business. Separately listed French subsidiary Numericable-SFR (NUMCF) plunged more than 5% in Paris after a first-quarter earnings miss.
Utility EDF (ECIFY) fell 3% in Paris after a late Tuesday announcement of a 7% decline in quarterly sales, with revenue down across all divisions, most markedly in the U.K.
Tour operator Tui fell more than 2% in London and Frankfurt as it announced plans to sell adventure-travel operations as it announced a small rise in quarterly earnings.
In Copenhagen, brewer Carlsberg fell close to 3% after first-quarter earnings slipped more than expected amid currency headwinds and a contraction at its core western European business.
Earnings-related gainers included French engineering group Alstom, whose full-year earnings rose 23%, with sales up more than forecast. The stock was recently up 3% in Paris.
Deutsche Post rose more than 2% Frankfurt after the company beat first-quarter earnings estimates, and posting the biggest earnings increase in more than a year.
Asian stocks were mixed. In Tokyo the Nikkei 225 closed up 0.08% at 16,579.01 and the Topix slipped 0.04% to 1,334.30.
In Hong Kong, the Hang Seng closed down 0.91% at 20,057.79. On mainland China, the CSI 300 rose 0.45% 3,082.81.
The S&P/ASX 200 index closed up 0.55% at 5,372.29 in Sydney. The Westpac – Melbourne Institute Index of Consumer Sentiment for May climbed after last week’s rate cut by the Reserve Bank of Australi