On Friday European stocks were little changed, with the benchmark Stoxx Europe 600 Index heading for a second weekly advance. Asian shares retreated while U.S. index futures drifted between gains and losses.
Yara International ASA rallied 2.8 percent after reporting first-quarter net income that beat analyst estimates. SSAB Svenskt Staal AB jumped 6.2 percent as earnings also topped projections. YIT Oyj sank 3.3 percent as Finland’s biggest builder reported worse-than-estimated profit.
European shares drifted lower, snapping a six-session winning streak, with investors taking profits from eight-week highs on a day when volumes were low as the UK market was closed for a royal wedding holiday.
The FTSEurofirst 300 index of top European shares was down after hitting its highest close in eight weeks on Thursday. Both Germany's DAX and France's CAC 40 were down.
Investors kept a close eye on company earnings, which have supported the market in the past sessions. German carmaker Daimler fell as its first-quarter results were viewed as not enough. The German carmaker warned that commodity prices may rise by more than it bargained for in the coming months.
Italian aerospace and defense group Finmeccanica was down, extending Thursday's losses and underperforming the sector after below-expectation first-quarter results.
France's Total posted a 35 percent rise in quarterly net income a day after offering to take a majority stake in U.S. solar company SunPower for $1.37 billion. Total's shares were down as crude oil prices fell.
Asian stocks fell, with a regional benchmark index dropping for the first time in three days, as U.S. economic growth and South Korean industrial production slowed, sparking concern company earnings may falter. Japanese markets are closed for a public holiday.
This article was compiled by Valletta Fund Management Limited, a member of the BOV Group. Valletta Fund Management,
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