Stocks Fall as Earnings Weigh

Disappointing corporate earnings weighed on global stocks Thursday, as losses on Wall Street rippled across Europe and Asia.

The Stoxx Europe 600 fell 0.7% in early trade, after a downbeat report from retailer Macy's spurred the Dow Jones Industrial Average to post its worst decline in two months.

Banks led losses in Europe after Cré dit Agricole SA said its net profit plunged in the first quarter, sending shares in the French lender down 3.3%.

The U.K.'s FTSE 100 index was down 0.8% ahead of the Bank of England's May Inflation report, monetary policy decision, meeting minutes and news conference later Thursday.

Stocks in Hong Kong, Shanghai and Australia ended with modest losses, while Japan's Nikkei Stock Average eked out a small gain. The dollar was up 0.3% against the yen at ¥ 108.77. Bank of Japan Gov. Haruhiko Kuroda said Thursday the country is unlikely to take up a foreign exchange policy aimed at weakening the Japanese currency.

Thursday's losses came even as Brent crude oil held on to Wednesday's steep gains at $47.59 a barrel, and copper prices in London rose 1% to $4737 a ton.

Write to Riva Gold at riva.gold@wsj.com

(END) Dow Jones Newswires

May 12, 2016 04:45 ET (08:45 GMT)

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