European Stocks Steady On Positive Economic Data

(RTTNews) - European stocks were mixed Wednesday, stabilizing amid signs the euro zone economic recovery is well on track.

The euro area economy expanded at a faster pace in the fourth quarter, as initially estimated, underpinned by investment and exports, second estimates published by Eurostat showed.

Markets were calmer today after gyrations due to Russia's invasion of Ukraine.

Russian officials are threatening to retaliate against possible sanctions by seizing U.S. assets in Russia, CNN reports.

The Euro Stoxx 50 index of eurozone bluechip stocks was percent.

The German DAX lost 0.5 percent, the French CAC 40 lost 0.11 percent and the UK's FTSE 100 slipped 0.7 percent. Switzerland's SMI was up fractionally.

Adidas lost 3 percent. The sports goods giant reported a narrower loss for the fourth quarter and lifted its dividend.

Fielmann rose 1.7 percent. The retailer was raised to ''Buy'' from ''Hold'' at Berenberg.

Carrefour added 4.3 percent. The retailer said full year recurring operating income, a key profit gauge for the company, showed a near 10 percent increase on a currency-neutral basis.

In London, Melrose Industries lost 8 percent after saying it will be hard to increase revenues in 2014.

Standard Chartered Plc said its fiscal 2013 profit declined, for the first time in over a decade, hurt by margin pressures. Shares rose 0.5 percent.

Meggitt fell 4 percent. Deutsche Bank and JPMorgan reduced their price targets on the stock.

Persimmon slipped 2.5 percent. Credit Suisse cut the stock to ''Neutral'' from ''Outperform.''

Subsea 7 lost 6 percent in Stockholm. The company reported a drop in fourth-quarter profit.

In economic news, euro zone gross domestic product grew 0.3 percent from the third quarter, in line with the estimate released on February 14. That follows third quarter's 0.1 percent expansion.

Germany's private sector economy expanded at the fastest pace in two-and-half years in February, and to a larger extent than estimated earlier, final data released by Markit Economics and BME revealed.

The French service sector contracted sharply in February, but at a slower than initially estimated pace, final data from Markit Economics showed.

Meanwhile, the U.K. service sector continued to expand at a healthy pace in February, supported by another marked increase in new business.