European stocks retreating on financials and Philips weak results (Reuters)  (14-04-2008)

PARIS, April 14 (Reuters) - European started down for a fifth day on Monday, as waek results from Philips Electronics spooked investors, fanning recession flames for the U.S. economy. The banking sector was also losing, with the DJ Stoxx banking index down 1.1 percent. Banco Santander dropped 1.2 percent, UniCredit was down 1.3 percent, and UBS down 2.9 percent. Credit Suisse dropped 3.4 percent as speculation intensified regarding an announcement of hefty writedowns in the coming weeks. The bank declined to comment.

Results expected later in the week, include JPMorgan Chase & Co, due on Wednesday, Merrill Lynch & Co, due on Thursday, and Citigroup Inc, due on Friday; investors will be sure to scan them for indications of progress in global credit crisis.

On the macro front, investors will keep an eye on U.S. retail sales data for March, expected at 1230 GMT, for more clues on the outlook for the world's biggest economy.

Source Reuters