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    23.02.2016 17:17 European stocks close: stocks closed lower on corporate earnings and a drop in oil prices

    Stock indices closed lower on corporate earnings and as oil prices dropped again. Oil prices fell on concerns over the global oil oversupply.

    Meanwhile, market participants eyed the economic data from Germany. German Ifo Institute released its business confidence figures for Germany on Tuesday. German business confidence index declines to 105.7 in February from 107.3 in January, missing expectations for a fall to 106.7.

    "The majority of companies were pessimistic about their business outlook for the first time in over six months. Assessments of the current business situation, by contrast, were slightly better than last month. German businesses expressed growing concern, especially in manufacturing," Ifo President Hans-Werner Sinn said.

    The Ifo current conditions index increased to 112.9 from 112.5. Analysts had expected the index to decline to 112.0.

    The Ifo expectations index dropped to 98.8 from 102.3, missing expectations for a decrease to 101.6. January's figure was revised down from 102.4.

    Destatis released its final gross domestic product (GDP) growth for Germany on Tuesday. Germany's final GDP gained by 0.3% in the fourth quarter, in line with the preliminary reading, after a 0.3% increase in the third quarter.

    The increase was driven by domestic final consumption expenditure. Household consumption expenditure rose by 0.2% in the fourth quarter, while government spending increased by 1.0%.

    Exports of goods and services were down 0.6% in fourth quarter, while imports climbed 0.5%.

    On a yearly basis, Germany's final GDP rose to 2.1% in the fourth quarter from 1.8% in the third quarter, in line with the preliminary reading.

    In 2015 as whole, the economy expanded 1.7%, in line with the preliminary reading.

    The Bank of England (BoE) Governor Mark Carney said on Tuesday that the outcome of Britain's referendum was treated like "any other political event which is not to make a judgement on the outcome and assume status quo continues" by the BoE. He added that the central bank wasn't making any judgment on the outcome of the referendum.

    Carney noted that a weak pound could help to boost inflation in the U.K., noting that he believed that the recent drop in the pound was caused by the upcoming referendum.

    The BoE governor pointed out that the central bank could add further stimulus measures if needed to stimulate the economy.

    Indexes on the close:

    Name Price Change Change %

    FTSE 100 5,962.31 -75.42 -1.25 %

    DAX 9,416.77 -156.82 -1.64 %

    CAC 40 4,238.42 -60.28 -1.40 %


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