By Carla Mozee, MarketWatch

Vivendi chairman under investigation in Italy, reports say

Stocks in Europe fell Friday, with Royal Bank of Scotland PLC and BASF AG dragged lower after financial results, leaving the market to lose some altitude after hitting 14-month highs this week.

The Stoxx Europe 600 fell 0.4% to 371.49, led by losses among basic materials, oil and gas and financial stocks. The index on Thursday slipped 0.1%.

The pan-European benchmark was still on track for a rise of 0.4% for the week during which its hit its strongest levels since December 2015. Investors on Friday appeared to be looking ahead to next week, with risk events to include a speech by Federal Reserve Chairwoman Janet Yellen and U.S. President Donald Trump's appearance in a joint session before Congress.

(http://projects.marketwatch.com/2017/trump-today-signup/)

Movers: Vivendi SA shares dropped 5.9% following reports that Italian prosecutors have opened an investigation of Chairman Vincent Bollore over alleged market manipulation over the media company's accumulation of a stake in Italian broadcaster Mediaset (MS.MI) . Mediaset shares were down 1.4%.

BASF shares (BAS.XE) fell 2.6% after the German chemicals heavyweight said it's "cautiously optimistic for 2017". The company posted a rise in fourth-quarter net profit of 689 million euros (http://www.marketwatch.com/story/basf-profit-doubles-lifted-by-chemicals-business-2017-02-24) ($728.84 million), above expectations of EUR624 million.

Royal Bank of Scotland PLC (RBS.LN) (RBS.LN) fell 3.8% after the 70% U.K.-owned lender said its annual net loss more than tripled to 6.96 billion pounds (http://www.marketwatch.com/story/rbs-loss-slumps-to-87-billion-on-conduct-charges-2017-02-24) ($8.73 billion), after it put aside billions of pounds to cover conduct issues.

Shares of British Airways parent International Consolidated Airlines PLC (IAG.LN) (IAG.LN) rose 2.1% after the group posted a 29% rise in net profit and announced a EUR500 million share buyback (http://www.marketwatch.com/story/iag-profit-rises-29-to-launch-share-buyback-2017-02-24) ($529.7 million), in a sign of improving profitability.

Indexes: Germany's DAX 30 fell 0.3% to 11,912.91 and France's CAC 40 lost 0.6% at 4,864.01. The U.K.'s FTSE 100 declined 0.2% to 7,256.70 (http://www.marketwatch.com/story/ftse-100-loses-ground-as-rbs-leads-banks-lower-2017-02-24).

In the currency market, the euro fetched $1.0596, up from $1.0590 late Thursday in New York.

 

(END) Dow Jones Newswires

February 24, 2017 05:42 ET (10:42 GMT)

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