Bloomberg (25/10) -- European stocks dropped, paring a third weekly gain
for the Stoxx Europe 600 Index, as companies from Kering SA to Renault
(RNO) SA reported quarterly sales that missed projections. U.S. index
futures and Asian shares fell. Kering slid 3.5 percent after its
Gucci brand posted the worst sales growth in four years as demand waned
in China. Renault slipped 4.1 percent after the French carmaker said
weaker currencies in emerging markets cut third-quarter revenue. Volvo
AB declined 6 percent as the Swedish truckmaker said the strength of
the krona and new-vehicle investments ate into profit. Schneider
Electric SA fell 4 percent after cutting its 2013 targets because of the
euro’s rally.The Stoxx 600 decreased 0.3 percent to 319.54 at
8:06 a.m. in London. The gauge has still climbed 0.3 percent this week
as companies from Daimler AG to Royal Philips NV posted results that
beat analysts’ estimates. Standard & Poor’s 500 Index futures fell
0.3 percent today, while the MSCI Asia Pacific Index lost 0.9 percent. U.S.
data today may show orders for durable goods increased 2.3 percent in
September after a 0.1 percent gain in the prior month, according to the
median estimate compiled by Bloomberg before a Commerce Department
report at 8:30 a.m. in Washington. In Germany, a measure of
business confidence probably rose for a sixth month in October. The Ifo
institute’s business climate index, based on a survey of 7,000
executives, climbed to 108 from 107.7 in September, according to the
median forecast of 39 economists in a Bloomberg News survey. That would
be the highest level since April 2012. A measure of expectations
will also increase while a gauge of current conditions will remain
unchanged, the survey showed. Ifo releases the report at 10 a.m. in
Munich today.
