European stocks fell on Friday, though the downside remained capped as global bond markets attempted to recover from an aggressive selloff that drove steep losses in Treasuries.
The pan European Stoxx 600 dipped 0.4 percent to 410.24 after declining 0.4 percent on Thursday. The German DAX was marginally lower, France’s CAC 40 index eased 0.3 percent and the U.K.’s FTSE 100 was down 0.4 percent.
Building material company LafargeHolcim dropped about 1 percent after reporting slightly stronger earnings in the fourth quarter.
Chemicals giant BASF rose about half a percent. The company expects 2021 earnings to rise as much as 38 percent if lockdown measures are eased.
Telecommunications company Deutsche Telekom gained nearly 1 percent after its fourth-quarter profit soared on higher revenue.
Natural gas and electricity supplier Engie fell 1.2 percent after it slipped to a net loss in FY20. The company reported that its fiscal 2020 net loss Group share was 1.5 billion euros, compared to prior year’s profit of 1 billion euros.
Law Debenture Corp shares fell 2 percent. The company reported pretax profit of 4.1 million pounds for fiscal 2020 compared to 131.4 million pounds, prior year.
Retail company Pets At Home Group surged 5 percent after upgrading its FY outlook.
Real estate company Rightmove gave up 2.5 percent after reporting a sharp drop in both revenues and profits for last year.
Jupiter Fund Management rallied 2.1 percent. The company ended 2020 with its assets under management at a record high.
In economic releases, the French economy contracted more than initially estimated in the fourth quarter, revised data from the statistical office Insee showed.
Due to the second national lockdown and curfews, gross domestic product fell 1.4 percent sequentially in the fourth quarter.
This was slightly bigger than the 1.3 percent fall estimated on January 29. The economy had rebounded 18.5 percent in the third quarter.
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