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24.06.2013 10:30

European stock indices fell

European stocks fell for a fifth day, erasing their gains fortheyear, as Goldman Sachs Group Inc. cut China's growth forecasta midconcern banks at the world's second-largest economy face acash crunch. U.S. index futures and Asian shares alsod ropped.

The Stoxx Europe 600 Index declined 1.2 percent to 277.17 at 10:31 a.m. in London.Thegauge is heading for an 7.9 percent drop in June, itsbiggestmonthly loss since August 2011, as the Federal Reserve saidlastweek it may end bond purchases next year if the U.S.economystrengthens in line with forecasts. The Stoxx 600 hasslumped 11percent since May 22, when Fed Chairman Ben S. Bernankecommentedon stimulus paring.

Goldman Sachs cut its estimate for China's economic growth thisyearto 7.4 percent from an earlier prediction of 7.8 percent,citingweaker economic indicators and tighterfinancialconditions.

China's benchmark money-market rates last week climbed to arecordas its central bank refrained from using open-marketoperations toease a cash crunch. The rates fell today.

In Germany, data showed that business confidence increased inJunein line with economists' estimates. The Ifo institute'sbusinessclimate index, based on a survey of 7,000 executives, roseto 105.9this month from 105.7 in May.

Erste tumbled 6.5 percent to 20.54 euros, its lowest price sinceNovember.Austria's biggest lender plans to increase its sharecapital by 660million euros in the third quarter as it redeemsparticipationcapital of 1.76 billion euros. Erste also cut itsearnings outlook,saying that it expects its pre-provisionoperating profit to declineby 5 percent this year.

Kazakhmys,whichowns 26 percent of ENRC, plunged 11 percent to 240.8 pence,itslowest price since March 2009. ENRC founders and theKazakhgovernment made an offer valuing the mining company at 3.04billionpounds. They offered shareholders $2.65 in cash and 0.23Kazakhmysshares for each ENRC share held. ENRC rose 1 percent to219pence.

A gauge of mining companies in the Stoxx 600 slumped to itslowestlevel since July 2009. BHP Billiton Ltd., theworld's biggest commodity producer, slid 0.7 percent to 1,692penceand Rio Tinto Group,thesecond largest, declined 1.7 percent to 2,627.5pence.

FTSE 100 6,068.94 -47.23 -0.77%

CAC 40 3,607.45 -50.59 -1.38%

DAX 7,725.23 -64.01 -0.82%

24.06.2013 12:00

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