European Markets Finished With Mixed Results After Choppy Session

(RTTNews) - The European markets fluctuated between small gains and losses over the course of Thursday's session and ended the day with mixed results. A stabilization in crude oil prices and some strong earnings results from banks like ING and Societe Generale provided some support to the markets.

Investors remain in a cautious mood ahead of the U.S. presidential election. Polls have been showing a narrowing in the gap between Donald Trump and Hillary Clinton in recent days. Traders are also looking forward to the release of the U.S. employment report for October tomorrow.

Bank of England policymakers voted unanimously to keep the key interest rate and asset purchases unchanged as the economy showed resilience to the 'Brexit' shock.

The central bank today raised its near-term growth and inflation forecasts as the depreciation of sterling lifted import prices, while boosting exports.

The Monetary Policy Committee, headed by Governor Mark Carney, unanimously decided to hold the key bank rate at a record low 0.25 percent, the government bond purchases at GBP 435 billion and corporate bond purchase plan at GBP 10 billion. The decision was in line with economists' expectations.

The BoE removed its statement from September that majority of members expect to support a further cut in Bank Rate. Instead, the bank said the "monetary policy can respond, in either direction."

Prime Minister Theresa May had said the Article 50 will be triggered by late March next year, starting exit negotiations with the EU.

However, the U.K. High Court ruled on Thursday that the government must seek Parliament approval before triggering the Article 50. The May government has appealed the decision.

The pan-European Stoxx Europe 600 index advanced 0.04 percent. The Euro Stoxx 50 index of eurozone bluechip stocks decreased 0.22 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, lost 0.17 percent.

The DAX of Germany dropped 0.43 percent and the CAC 40 of France fell 0.07 percent. The FTSE 100 of the U.K. declined 0.80 percent and the SMI of Switzerland finished lower by 0.77 percent.

In Frankfurt, Volkswagen fell 0.74 percent amid reports that its supervisory board will hold an extraordinary meeting on Friday to discuss brand overhaul.

Adidas tumbled 5.94 percent despite reporting better than expected earnings for the third quarter and confirming its 2016 outlook.

Beiersdorf increased 4.62 percent. The company now expects the EBIT margin for 2016 to significantly exceed the prior-year figure.

In Paris, Societe Generale jumped 5.51 percent after its third-quarter earnings beat estimates.

Air France-KLM surged 6.02 percent after it reported third quarter earnings per share of 1.57 euros compared to 1.32 euros.

In London, satellite telecommunications company Inmarsat surged 10.48 percent after affirming its FY16 revenue outlook.

Mining company Glencore declined 2.02 percent after reporting lower production in most commodities.

Randgold Resources dropped 6.25 percent despite reporting a 55 percent jump in third-quarter net profit and flagging increased dividends.

Wm Morrison Supermarkets rose 1.08 percent after total sales excluding fuel declined 1.2 percent, but rose 1.1 percent including fuel in the 13 weeks to October 30, 2016.

Tate & Lyle gained 3.66 percent after earnings per share from continuing operations for the first half of the year was 27.4 pence compared to 14.3 pence.

Credit Suisse Group AG decreased 7.09 percent in Zurich. The banking giant raised its litigation provisions and warned of increased geopolitical and macro-economic uncertainty over the next several quarters after reporting a surprise profit in the third quarter.

Reinsurer Swiss Re climbed 0.78 percent after reporting a smaller-than-expected drop in third-quarter profit.

ING Group NV shares climbed 2.29 percent in Amsterdam. The banking firm delivered robust results, with third-quarter group net result climbing 26.8 percent from last year.

Eurozone unemployment rate remained unchanged for a second straight month in September at its lowest level in more than five years and the number of jobless declined the most in six months, adding strength to the picture of moderate recovery in the euro area.

The seasonally-adjusted unemployment rate was 10.0 percent, unchanged from the previous two months, figures from Eurostat showed Thursday. The figure was in line with economists' expectations.

The U.K. service sector expanded at a faster pace in October, survey results from IHS Markit showed Thursday.

The headline Markit/Chartered Institute of Procurement & Supply services Purchasing Managers' Index rose to 54.5 in October from 52.6 in September, signaling the fastest expansion since January. The expected reading was 52.5.

China's private sector expanded at the fastest pace since early 2013 in October, mainly driven by manufacturing activity. The Caixin composite output index climbed to 52.9 from 51.4 in September, survey data from IHS Markit showed Thursday.

The services sector in China continued to expand in October, and at a faster rate, the latest survey from Caixin revealed on Thursday with a PMI score of 52.4. That's up from 52.0 in September.

Figures released by the U.S. government showed that the number of people filing first-time unemployment claims edged up last week. The increase surprise economists, who had expected a mild decline for the week.

The U.S. Labor Department said initial jobless claims rose to 265,000 for the week ended October 29. This was up 7,000 from the previous week's level of 258,000. Economists had expected the figure to drop to around 255,000.

US productivity jumped at an annual 3.1 percent pace in third quarter, the first increase of 2016, according to the Labor Department. Output increased 3.4 percent and hours worked increased 0.3 percent.

Unit labor costs in the nonfarm business sector increased 0.3 percent, reflecting a 3.4-percent increase in hourly compensation and a 3.1-percent increase in productivity.

Growth in the national services sector slowed in October, according to results of a widely followed survey that were released on Thursday. The result came in below what economists had expected. The Institute for Supply Management said its index of non-manufacturing came in at 54.8 for October. This was down from a level of 57.1 recorded in the previous month.

Economists had expected the figure to dip for the month, but had projected a more modest retreat. The figure was projected to fall to 56.1.

Factory orders rose more than expected in September, according to new government data released Thursday. The advance came even as the rise for the previous month was revised higher. The U.S. Commerce Department reported that factory orders climbed by a seasonally adjusted 0.3 percent in September. Economists had expected a 0.2 percent increase.