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European shares hit two-week low as euro surges

08/28/2017 | 11:54am EDT
Traders work in front of the German share price index, DAX board, at the stock exchange in Frankfurt

MILAN/LONDON (Reuters) - European shares fell on Monday as the euro strengthened after ECB chief Mario Draghi expressed no concern about a strong currency in a closely watched speech.

The STOXX index for euro zone stocks <.STOXXE> fell as much as 0.7 percent to a two-week low before paring its losses to end 0.4 percent lower on the day. London was closed for a holiday, reducing activity.

The export-oriented DAX <.GDAXI> fell 0.3 percent and the broader pan-European STOXX 600 index <.STOXX> slipped 0.5 percent.

In a speech at a symposium of central bankers at Jackson Hole, Wyoming, Draghi did not try to talk down the euro, which climbed to its highest in more than two years against the dollar.

"The Jackson Hole meeting has been explosive for the euro and the U.S. dollar traders," London Capital Group analyst Ipek Ozkardeskaya said in a note.

Euro zone shares reached their highest in more than two years in May, as strong macro data and company results drew investors. But the recent surge in the euro has weighed on stocks.

Almost all sectors suffered losses on Monday with materials <.SXPP> and construction stocks <.SXOP> the biggest drag to the region's equities.

Finnish paper makers Stora Enso (>> Stora Enso Oyj) and UPM-Kymmene (>> UPM-Kymmene Oyj) fell 3.7 to 5.1 percent after a report that Danske Bank downgraded them, citing a weaker dollar, higher input costs and lower prices of paper mass.

Reinsurance stocks suffered after flooding triggered by Tropical Storm Harvey devastated Houston. Shares in Hannover Re (>> Hannover Rückversicherung) were fell 1.3 percent and Munich Re (>> Muenchener Rueckversicherung) 0.9 percent. French reinsurer Scor (>> Scor SE) dropped 1.5 percent.

Shares in German drugmaker Stada (>> Stada-Arzneimittel) suffered some selling, down 3.6 percent, as investors took profits after the stock surged to an all-time high on Friday when hedge fund Elliott increased its stake in the company.

Dutch supermarket group Ahold Delhaize (>> Ahold Delhaize) stumbled again, down 2.6 percent after sharp losses on Friday when Amazon's plans to cut prices at Whole Foods Market dented retailer stocks.

Broker Raymond James cut its target price on Ahold to factor in "growing competitive risk" from the merger.

Among the very few gainers were shares in tyre maker Michelin (>> Michelin), which gained 1.5 percent after Oddo BHF analysts raised the stock to a "buy", saying a pick-up in agricultural and mining sectors would benefit the firm's speciality tyre business .

For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets

(Reporting by Danilo Masoni, editing by Larry King)

By Danilo Masoni and Helen Reid

© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AHOLD DELHAIZE N.V. 0.05% 28.31 Real-time Quote.22.50%
DAX -1.03% 15490.17 Delayed Quote.12.91%
E.ON SE -1.06% 10.852 Delayed Quote.19.73%
HANNOVER RÜCK SE -1.33% 159.1 Delayed Quote.22.10%
MICHELIN (CGDE) -2.00% 132.55 Real-time Quote.26.30%
MUNICH RE -1.54% 239.85 Delayed Quote.-1.22%
SCOR SE -2.07% 26.04 Real-time Quote.-1.44%
STADA ARZNEIMITTEL 0.00%End-of-day quote.-8.87%
STORA ENSO OYJ -3.72% 15.28 Delayed Quote.-2.33%
STOXX EUROPE 600 -0.88% 461.84 Delayed Quote.15.74%
UPM-KYMMENE OYJ -2.95% 31.95 Delayed Quote.4.86%
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Analyst Recommendations on AHOLD DELHAIZE N.V.
More recommendations
Sales 2021 72 490 M 85 002 M 85 002 M
Net income 2021 2 057 M 2 412 M 2 412 M
Net Debt 2021 12 255 M 14 370 M 14 370 M
P/E ratio 2021 14,1x
Yield 2021 3,36%
Capitalization 29 103 M 34 162 M 34 126 M
EV / Sales 2021 0,57x
EV / Sales 2022 0,56x
Nbr of Employees 410 000
Free-Float 88,4%
Duration : Period :
Ahold Delhaize N.V. Technical Analysis Chart | AD | NL0011794037 | MarketScreener
Technical analysis trends AHOLD DELHAIZE N.V.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 28,31 €
Average target price 27,90 €
Spread / Average Target -1,46%
EPS Revisions
Managers and Directors
Frans Willem Henri Muller President & Chief Executive Officer
Natalie M. Knight Chief Financial Officer
Peter Agnefjäll Chairman-Supervisory Board
Ben Wishart Global Chief Information Officer
Beschier Jacob Noteboom Member-Supervisory Board
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