(RTTNews) - The European markets fell on Thursday, as Ericsson’s quarterly earnings missed analysts’ estimate and energy stocks slipped after crude oil prices retreated.

In economic news, the U.S. Labor Department said in its report that jobless claims in the week ended October 17th rose to 531,000 from the previous week’s revised figured of 520,000. Economists had been expecting jobless claims to edge up to 515,000 from the 514,000 originally reported for the previous week.

The Conference Board in the U.S. said its leading economic index rose 1.0% in September following a revised 0.4% increase in August. Economists had expected the index to increase by 0.8% compared to the 0.6% increase originally reported for the previous month. With the bigger than expected increase, the index rose for the sixth consecutive month, boosting the six-month growth rate to its highest pace since 1983.

Crude for December delivery fell $0.84 to 80.53 a barrel on the New York Mercantile Exchange, by the time the European markets closed, as the U.S. dollar steadied against other currencies.

The FTSEurofirst 30 index of pan-European blue chips closed 1.09% lower at 1,014.72 points, while the narrower DJ Stoxx 50 index fell 1.09% to 2,90.56 points.

Around Europe, the U.K.’s FTSE 10 index fell 0.96% to 5,207.36, while France’s CAC 40 index dropped 1.35% to 3,820.8501 and Germany’s DAX index slipped 1.21% to 5,762.93.

Ericsson, the world’s largest maker of mobile-phone networks, dropped 6.2% after the company reported third quarter profit that fell 71% from last year and missed analysts’ estimate.

Air Liquide, the world’s biggest producer of industrial gases, fell 2.7% after the company said its third quarter sales declined 8.2% from last year.

Credit Suisse, Switzerland’s second largest bank, slipped 3.5% even after reporting a third straight quarterly profit.

Heavily weighted oil stocks lost ground after crude oil prices retreated. BP, Europe’s biggest oil company, and Royal/Dutch Shell, the second biggest, both slid 1.4%, while Total, the third biggest, fell 0.8%.

On the other hand, Logitech International, the world’s biggest maker of computer mice, rose 2.8%, as the company forecast earnings growth for the current period after reporting a 71% decline in second quarter profit.

Pernod Ricard, the world’s second largest liquor maker, surged up 2.3% after the company reported a smaller-than- expected revenue decline and said demand for spirits shows signs of improvement.

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Posted in Categories: Eurozone, Releases, Stocks, Switzerland, USA.

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