(MENAFN– ecpulse)
European shares were mixed to lower on Friday as the Malaysian passenger plane incident added further tensions between Russia and the West and overshadowed some solid earnings reports.
- Stoxx 600 dropped 0.02 percent or 0.08 points to 339.66
- Stoxx 50 advanced0.20% or 6.39 points to 3164.21
Uncertainty over how the dowing of the passenger plane will affect the conflict between the Ukrainian government and separatists meant many investors were reluctant to open new long positions ahead of the weekend in case the situation deteriorates.
Selling pressure was moderate and volatility low as the loss of the Malaysian airliner with 298 people aboard was also seen as intensifying international pressure to resolve the worst crisis between Russia and the West since the Cold War.
A senior U.S. diplomat says the missile that brought down Malaysia Airlines Flight 17 was likely fired rebels using a missile given to them by Russia.
Fighting between Kiev and pro-Russian separatists has killed hundreds in Ukraine since protests toppled its Moscow-backed president in February and Russia annexed the Crimea.
Losses were mitigated by a number of strong profit reports from Sweden, with mobile telecom gear maker Ericsson, home appliances firm Electrolux and Swedbank all reporting expectation-beating results.
Ericsson rose 8.4 percent, leading peers Alcatel Lucent and Nokia higher, as its results showed sales picked up at its networks unit thanks to growth in the Middle East, China, the United States and India.
Stockholm`s OMXS index rose 0.8 percent.
Swedish truck maker Volvo was against the trend, falling 5.3 percent after posting a smaller-than-expected rise in profit after a slow rebound in demand in Europe left it with overcapacity. It led a sell-off in truck makers, with Daimler and CNH Industrial down 2 percent and 1 percent respectively.
Elsewhere, Shire gained 4 percent. The drug maker announced that it agreed on terms of merger with US-based AbbVie.
-The British FTSE 100 advanced 0.17% or 11.13 points to 6749.45
-The French CAC 40 advanced 0.44% or 19.19 points to 4335.31
-Frankfurt’s DAX 30 lost 0.35% or 33.86 points to 9720.02
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