European stocks dropped for a fourth week, the longest streak of losses since August, as concern resurfaced about the region’s debt crisis and economic reports in China and the U.S. missed estimates.
Societe Generale SA (GLE) and UniCredit SpA sank more than 8 percent as banks led losses on the Stoxx Europe 600 Index this past week. Banco Espirito Santo (BES) SA tumbled 13 percent as it announced a share sale. Nokia Oyj (NOK1V) slumped 21 percent after reporting an operating loss for its mobile-phone division and forecasting that earnings won’t recover this quarter.
The Stoxx 600 lost 2.2 percent to 253.4 as China’s economy slowed more than forecast and a U.S. report showed employers added fewer jobs in March than estimated. The gauge has still climbed 3.6 percent this year as the European Central Bank disbursed more than 1 trillion euros ($1.3 trillion) to the region’s lenders through its longer-term refinancing operation, or LTRO.
SAMA net foreign assets reach SR2.737 trillion
The Kingdom’s M3 money supply growth edged up to 12.3 percent year-on-year in June from a five-month low of 12.1 percent in the previous month, Saudi Arabian Monetary Agency (SAMA) data showed.
However, due to the limited availability of stock, leasing de
Arabtec Q2 net profit up 11pc
Arabtec, the construction company at the centre of Dubai’s stock market turmoil, reported an 11 percent rise in second-quarter profit yesterday, missing analysts’ estimates.
Net profit cli
Saudi water membrane facility project awarded
The Dow Chemical Company has awarded Fluor Corporation the engineering, procurement and construction (EPC) contract for its Reverse Osmosis (RO) manufacturing facility in Saudi Arabia.