Investing.com – European stocks edged lower on Tuesday, led by losses in media companies which offset better-than-expected corporate earnings reports. U.S. futures indices also declined.
During European afternoon trade, the EURO STOXX 50 shed 0.38%; France’s CAC 40 fell 0.43% while Germany's DAX fell 0.15%.
Shares in Sky Deutschland, which is 45% owned by Robert Murdoch's News Corporation, plunged 22% after the company posted a second-quarter net loss of EUR 81.9 million, following a full-year loss of EUR 262.7 million in 2009.
Shares in British broadcaster ITV also fell 2.2% after the company posted worse-than-expected second quarter earnings and said the outlook for advertising in the fourth quarter and into 2011 was “uncertain”.
However BMW led a rally in auto-makers, gaining 4.3% after the company reported a annualized second-quarter net-profit of EUR 834 million following a 12.5% increase in second-quarter sales.
In London, the FTSE 100 lost 0.35% as financials traded lower, with asset manager and banking group Investec emerging as the worst performer, shedding 5.46%.
The outlook for U.S. equity markets, meanwhile, was pessimistic: Dow Jones Industrial Average futures indicated a fall of 0.28%, S&P 500 futures pointed to a slide of 0.24% and Nasdaq 100 futures indicated a decline of 0.20%.
Later in the day, the U.S. was to release key data on pending home sales and personal consumption expenditure.
During European afternoon trade, the EURO STOXX 50 shed 0.38%; France’s CAC 40 fell 0.43% while Germany's DAX fell 0.15%.
Shares in Sky Deutschland, which is 45% owned by Robert Murdoch's News Corporation, plunged 22% after the company posted a second-quarter net loss of EUR 81.9 million, following a full-year loss of EUR 262.7 million in 2009.
Shares in British broadcaster ITV also fell 2.2% after the company posted worse-than-expected second quarter earnings and said the outlook for advertising in the fourth quarter and into 2011 was “uncertain”.
However BMW led a rally in auto-makers, gaining 4.3% after the company reported a annualized second-quarter net-profit of EUR 834 million following a 12.5% increase in second-quarter sales.
In London, the FTSE 100 lost 0.35% as financials traded lower, with asset manager and banking group Investec emerging as the worst performer, shedding 5.46%.
The outlook for U.S. equity markets, meanwhile, was pessimistic: Dow Jones Industrial Average futures indicated a fall of 0.28%, S&P 500 futures pointed to a slide of 0.24% and Nasdaq 100 futures indicated a decline of 0.20%.
Later in the day, the U.S. was to release key data on pending home sales and personal consumption expenditure.