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European stocks end week flat
LONDON, England (Reuters) -- European shares closed flat Friday as weaker media and healthcare companies offset strong results from Dutch bank ABN AMRO and more data pointing to an economic recovery in the United States. European stocks have enjoyed their strongest month since April as better-than-expected corporate results pushed regional indexes to within a whisker of their 2003 highs. "Positive earnings momentum or the easy passage of economic reforms offer potential upside for stock markets," Standard Life Investments said in a research note. "Nevertheless, we are light on eurozone equities. While corporate change is encouraging, this is still a long way from the structural economic reform that will make a dynamic market able to compete with much more attractive areas of the world." By 1638 GMT with most markets in Europe closed, the FTSE Eurotop 300 index of pan-European blue chips was 0.2 percent weaker at 921 points, having gained almost seven percent during October. Turnover was thin at 2.6 billion euros, as declining stocks outnumbered gainers by about three to two. The narrower DJ Euro Stoxx 50 index was flat at 2,572 points. Stocks pared losses after a series of U.S. data showed an improvement in consumer confidence and a jump in Midwest business activity in October, while consumer spending slowed in September. "The data was all so close to expectations that I don't think it really changes the picture, which is generally pretty encouraging," said Darren Williams, an economist at Citigroup. "The U.S. is doing extraordinarily well at the moment and that will help Europe, but it still seems clear to me that the recovery in the eurozone is going to be very, very slow." The strong U.S. data contrasted with weak German retail sales and a report showing France's jobless rate had climbed to 9.7 percent in September, its highest level since April 2000. Around Europe, London's FTSE 100 closed 0.3 percent lower, Paris's CAC-40 ended down 0.4 percent and Zurich's SMI shed 0.2 percent. Frankfurt's DAX was flat in late trade. Media, drugs weighMedia stocks were among the worst performers, with Dutch publisher Wolters Kluwer slumping 7.9 percent as a strategy update drew a negative response from analysts and investors. Anglo-Dutch peer Reed Elsevier was down 3.5 percent after a downgrade from Smith Barney. Healthcare stocks were also weak, with Britain's AstraZeneca down 2.2 percent after negative broker comments on two of the company's key drugs. Italian industrial group Fiat was left out of a modest rally in the auto sector as its carmaking unit missed market expectations for the third quarter. The stock closed down 1.1 percent. Among the top performers, ABN AMRO ended 1.5 percent firmer after the Netherland's largest bank beat expectations for the third-quarter and raised its full-year guidance. British drinks can maker Rexam soared 8.3 percent after announcing it would buy Brazil's Latasa in a deal which will make it a world leader. Dutch distribution firm Hagemeyer also rose 8.3 percent after saying it was in talks with a venture capital group about restructuring its hefty debts, a move that could help it avoid a dilutive rights issue. Copyright 2003 Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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