Stocks end sharply down as earnings disappoint; DAX sinks 2.7% – CNBC

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The pan-European STOXX 600 ended 2.1 percent lower provisionally. On the week, the STOXX 600 closed down 2 percent; and on the month, it jumped 1.2 percent. London’s FTSE 100 fell 1.3 percent, while its European counterparts sunk even further by the close. France’s CAC slumped 2.8 percent and Germany’s DAX fell 2.7 percent down. All sectors closed in negative territory.

Mixed data out of Europe did little to alleviate stock markets. For the euro zone as a whole, gross domestic product (GDP) rose 0.6 percent quarter-on-quarter in the first three months of the year. Unemployment in the single currency bloc fell to 10.2 percent in March, down from 10.4 percent recorded in February. And an initial inflation estimate showed the price of goods fell 0.2 percent this month.

Asia markets closed mostly lower on Friday, as investors digested the latest central banks’ decisions and the yen saw fresh strength against the dollar. In U.S. markets, stocks were in the red, as traders eyed earnings, data and currency moves.

Oil prices came under pressure at Europe’s close as a Reuters survey revealed OPEC’s oil output had risen in April, rising to 32.64 million barrels per day (bpd),up from March’s 32.47 million bpd. Brent and U.S. crude both were in negative territory despite earlier gains, hovering at $47.63 and $45.61 respectively.

Looking at stocks, shares of Vestas rallied 4.5 percent, after the wind energy firm said its first-quarter core earnings hit 85 million euros, beating market expectations. However most oil stocks closed in the red.

Meanwhile, despite closing in the red, basic resources outperformed other sectors, as several metals saw a sharp price pick-up—such as copper, lead and gold—which helped push some stocks higher, including Glencore and Randgold Resources, which both closed above 3.5 percent.

“Quickly recapping the month, it’s been the miners that have shone as commodity prices appear to be moving away from the dark days seen at the start of the year and some stability is returning to the market,” Tony Cross, a market analyst at Trustnet Direct, said in a note.

Stocks end sharply down as earnings disappoint; DAX sinks 2.7% – CNBC