Airbus’s most closely watched earnings metric plunged -21.00% in the third quarter as the plane maker continued to bleed cash, underscoring the financial difficulties the company is facing as it strives to boost production. Also in France, major automaker PSA Peugeot Citroen posted a -5.00% decline in third quarter revenue, hurt by a deeper than anticipated drop in car sales in two of its main markets, Europe and China. Across the English Channel, UK bank Lloyds PLC said net income sank during the third quarter, as it earmarked close to GBP 1 billion to compensate customers who were sold insurance products they did not require. After a spectacular rally last week on the heels of better inflation data and remarks from ECB President Draghi, the Euro Stoxx 50 pan-European equity index is back on the retreat, sustaining the prior session’s pullback.
Earnings Dismay Send European Equities Lower
Daily Analysis - 26/10/2016