European stocks dip as G20 meets

Europe's main stock markets retreated on Friday while the dollar and euro rose against the yen as Group of 20 finance ministers met amid growing talk of "currency wars".

Solid US industrial output and consumer sentiment data helped European stocks push into positive territory for a while in afternoon trading, but fell back as the closing bell approached.

London's FTSE 100 index of leading companies ended flat at 6,337.07 points, with news that British retail sales sank 0.6 percent in January from December, instead of a forecasted 0.6-percent gain, weighing on sentiment.

Frankfurt's DAX 30 shed 0.49 percent to 7,593.51 points, and in Paris the CAC 40 lost 0.25 percent to 3,660.37 points.

Madrid's IBEX 35 index dropped 1.18 percent to 8,150.2 points and Milan's FTSE MIB gave up 0.33 percent to 16,490 points.

"Prudence prevailed at the end of the session but the market had few new reasons to worry after yesterday's drop" due to data showing the eurozone recession deepened sharply in the final three months of last year, said Saxo Banque analyst Alexandre Baradez.

In foreign exchange deals, the dollar rose to 93.65 yen from 92.79 yen late in New York on Thursday, and the euro rose to 125.15 yen from 123.97 yen.

The euro drifted up to $1.3363 from $1.3356. Gold prices eased to $1,612.25 an ounce from $1,646 on the London Bullion Market.

The yen is in focus as finance ministers and central bankers from the G20 leading economies begin two days of meetings in Moscow on Friday, as Tokyo comes under attack from Europe over its new approach to monetary policy.

The Bank of Japan, under pressure from the new government, last month unveiled a plan for unlimited monetary easing and a target for two percent inflation.

The moves, which had been expected, initiated a weakness in the yen and sparked charges of manipulation from around the world amid fears of a currency war where rival nations drive down their currencies to gain a trade advantage.

However, many analysts contend that other nations have also sought to push down the value of their currencies via monetary easing measures.

For example, many emerging nations have long argued that the US Federal Reserve's monetary easing measures have in recent years weighed on the dollar and artificially boosted their own currencies, thereby hurting exports.

"The bottom line is that, in some guise or another, every major economy is in the process of devaluing their currency currently, so the net effect may turn out to be negligible," said Matt Basi, a trader at CMC Markets.

"In real terms the Japanese are not doing anything new -- or anything that isn't being replicated in other economies. They're just being more direct about it and more clear in their intentions," he added.

Japan's Asahi daily reported that the G20 would warn members off any competitive currency devaluations, and cited a copy of a draft joint statement.

"We do not want state intervention in exchange rates. We want exchange rates that are determined by the markets," German Finance Minister Wolfgang Schaeuble told German Radio ahead of the talks.

"I am actually very confident that will also be the joint position of all G20 countries in Moscow," Schaeuble added in an interview on Germany's Inforadio.

Asian stocks turned in mixed performances on Friday, with Tokyo falling 1.18 percent, Hong Kong gaining 0.13 percent, while Seoul and Sydney ended flat.

US stocks treaded water in midday trading despite a solid report on US industrial production in the fourth quarter.

The Dow Jones Industrial Average edged down 0.01 percent to 13,972.39 points, while the broad-based S&P 500 dipped 0.04 percent to 1,520.83 points, and the tech-rich Nasdaq Composite slipped 0.03 percent to 3,197.81 points.

The Federal Reserve reported that US industrial production expanded at 1.9 percent in the final quarter of last year, much stronger than originally thought.

This suggests that the initial government estimate of a 0.1 percent contraction in the economy last quarter could be revised upward.

burs-rl/mm

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...

Explore Related Contents

  • Cenveo reports 4Q loss Associated Press - 1 hour 0 minutes ago

    The Stamford, Connecticut-based company said it had a loss of 3 cents per share. Earnings, adjusted for one-time gains and costs, were 3 cents per share. The printing and packaging company posted revenue ... … More »

  • Global stocks fade from record highs, dollar falls on Fed minutes
    Global stocks fade from record highs, dollar falls on Fed minutes Reuters - 1 hour 0 minutes ago

    By Richard Leong NEW YORK (Reuters) - Global stocks pulled back from record highs on Wednesday while the dollar declined after minutes from the U.S. Federal Reserve offered little to support the notion ... … More »

  • Tesla has finished its investigation into Fremont plant working conditions and will release findings soon
    Tesla has finished its investigation into Fremont plant working conditions and will release findings soon Business Insider - 1 hour 1 minute ago

    Scott Olson/Getty Images Elon Musk. Tesla CEO Elon … Continued The post Tesla has finished its investigation into Fremont plant working conditions and will release findings soon appeared first on Business Insider. … More »

  • The 10,000-Mile Journey To Short Australia
    The 10,000-Mile Journey To Short Australia Bloomberg - 1 hour 5 minutes ago

    The co-founder of Glaucus Research Group flew more than 10,000 miles (16,090 kilometers) from his base in Austin, Texas, to Australia, where he’s looking at companies including commodity producers. From his new firm in London, former Goldman Sachs … More »

  • Atlantic Tele-Network posts 4Q profit Associated Press - 1 hour 10 minutes ago

    On a per-share basis, the Beverly, Massachusetts-based company said it had profit of 14 cents. The provider of telecommunications services posted revenue of $128.5 million in the period. For the year, ... … More »

  • Nobel-winning economist Kenneth J. Arrow dies at 95 Associated Press - 1 hour 11 minutes ago

    Kenneth J. Arrow, the youngest -ever winner of a Nobel prize for economics, has died in California. He was 95. His son, David, says Arrow died on Tuesday at his home in Palo Alto. Arrow was 51 when he ... … More »

  • ProAssurance posts 4Q profit Associated Press - 1 hour 12 minutes ago

    The Birmingham, Alabama-based company said it had net income of $1.02 per share. Earnings, adjusted for investment gains, were 83 cents per share. The medical professional liability insurer posted revenue ... … More »

  • Bowie wins as Brit Awards pay tribute to George Michael
    Bowie wins as Brit Awards pay tribute to George Michael AFP News - 1 hour 12 minutes ago

    David Bowie posthumously won two Brit awards on Wednesday in an emotional London ceremony which also saw tributes paid to the late George Michael. Superstar Bowie won both the categories he was nominated for, picking up awards for British male solo … More »

  • ONE Gas beats 4Q profit forecasts Associated Press - 1 hour 20 minutes ago

    The Tulsa, Oklahoma-based company said it had profit of 80 cents per share. The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for ... … More »

  • Silica Holdings reports 4Q loss Associated Press - 1 hour 26 minutes ago

    On a per-share basis, the Frederick, Maryland-based company said it had a loss of 9 cents. The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment ... … More »

  • CoStar beats Street 4Q forecasts Associated Press - 1 hour 28 minutes ago

    On a per-share basis, the Washington-based company said it had net income of 91 cents. Earnings, adjusted for one-time gains and costs, came to $1.29 per share. The results topped Wall Street expectations. ... … More »

  • Asia Stocks to Fall as Dovish Fed Minutes Spur Yen: Markets Wrap Bloomberg - 1 hour 38 minutes ago

    Stock futures in Australia, Japan and Hong Kong fell after the S&P 500 index slipped from all-time highs. The euro rebounded, after briefly falling below $1.05 for the first time in more than six weeks, as French centrist Francois Bayrou bowed out … More »

  • Air NZ flies into turbulence as competition heats up AFP - 1 hour 42 minutes ago

    Air New Zealand reported a 24 percent fall in interim net profit Thursday amid increased competition in the domestic aviation market. New Zealand's flag carrier said net profit for the six months to December ... … More »

  • Evertec beats Street 4Q forecasts Associated Press - 1 hour 42 minutes ago

    On a per-share basis, the San Juan, Puerto Rico-based company said it had net income of 22 cents. Earnings, adjusted for non-recurring costs, were 43 cents per share. The results exceeded Wall Street expectations. ... … More »

  • Boston Beer posts 4Q profit Associated Press - 1 hour 46 minutes ago

    On a per-share basis, the Boston-based company said it had profit of $1.75. The brewer posted revenue of $219.4 million in the period. For the year, the company reported profit of $87.3 million, or $6.79 ... … More »

  • El-Erian Warns Bond Market It's Underestimating March Fed Odds Bloomberg - 1 hour 48 minutes ago

    Given the minutes from the Fed’s Feb. 1 meeting and recent economic data, the market’s implied probability of an increase in March "seems too low," El-Erian tweeted Wednesday. Futures indicate traders aren’t nearly that confident, reflecting about … More »

  • Trinseo beats 4Q profit forecasts Associated Press - 1 hour 52 minutes ago

    On a per-share basis, the Berwyn, Pennsylvania-based company said it had net income of $1.72. Earnings, adjusted for non-recurring gains, were $1.68 per share. The results topped Wall Street expectations. ... … More »

  • Inovalon Holdings beats Street 4Q forecasts Associated Press - 1 hour 52 minutes ago

    The Bowie, Maryland-based company said it had net income of less than 1 cent on a per-share basis. Earnings, adjusted for one-time gains and costs, were 5 cents per share. The results topped Wall Street ... … More »

  • Exxon Caves to Oil Crash With Historic Global Reserves Cut (2) Bloomberg - 1 hour 55 minutes ago

    The equivalent of about 3.3 billion barrels of untapped crude was removed from the so-called proved reserves category in Exxon’s books, the Irving, Texas-based explorer said in a statement. The 19 percent drop amounts to the largest annual cut … More »

  • L Brands tops 4Q profit forecasts Associated Press - 1 hour 56 minutes ago

    The Columbus, Ohio-based company said it had profit of $2.18 per share. Earnings, adjusted for pretax gains, came to $2.03 per share. The results exceeded Wall Street expectations. The average estimate ... … More »

  • Arris Group beats 4Q profit forecasts Associated Press - 1 hour 58 minutes ago

    The Suwanee, Georgia-based company said it had profit of 45 cents per share. Earnings, adjusted for one-time gains and costs, came to 79 cents per share. The results surpassed Wall Street expectations. ... … More »

  • AXT beats Street 4Q forecasts Associated Press - 1 hour 58 minutes ago

    On a per-share basis, the Fremont, California-based company said it had profit of 6 cents. The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment ... … More »

  • Tesla’s CFO is leaving the company
    Tesla’s CFO is leaving the company Business Insider - 2 hours 0 minutes ago

    REUTERS/James Glover II/File Photo Tesla Chief Financial Officer … Continued The post Tesla’s CFO is leaving the company appeared first on Business Insider. … More »

  • Safety Insurance posts 4Q profit Associated Press - 2 hours 0 minutes ago

    The Boston-based company said it had profit of 79 cents per share. The automobile insurance provider posted revenue of $207 million in the period. For the year, the company reported net income of $64.6 ... … More »

  • Mnuchin Says Strong Dollar Is Vote of Economic Confidence: WSJ Bloomberg - 2 hours 6 minutes ago

    Treasury Secretary Steven Mnuchin said a strong dollar signaled confidence in the American economy and that the currency’s appreciation over a longer horizon is “a good thing,” echoing a policy in place for more than two decades. In an interview … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

    Market Data

    • Currencies
      Currencies
      NamePriceChange% Chg
      1.4155+0.0023+0.17%
      USDSGD=X
      1.4935+0.002+0.13%
      EURSGD=X
      1.7622+0.0022+0.13%
      GBPSGD=X
      79.9980-0.172-0.21%
      SGDJPY=X
      5.4808-0.0093-0.17%
      SGDHKD=X
      3.1407-0.0101-0.32%
      SGDMYR=X
      9,442.1826-46.6621-0.49%
      SGDIDR=X
      4.8586-0.007-0.14%
      SGDCNY=X
      1.0869-0.0009-0.08%
      AUDSGD=X
    • Commodities
      Commodities
      NamePriceChange% Chg
      1,237.40+4.10+0.33%
      GCJ17.CMX
      17.99+0.04+0.22%
      SIH17.CMX
      89.91-1.82-1.99%
      ^XAU
      2.740.00+0.16%
      HGH17.CMX
      54.01+0.42+0.78%
      CLJ17.NYM
    • Bonds
      Bonds
      TreasuryYield (%)Yield Change
      1.910.00
      ^FVX
      2.42-0.01
      ^TNX
      3.040.00
      ^TYX