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European stocks fell from an almost six-week high as German investor confidence unexpectedly dropped this month
German investor confidence unexpectedly dropped in July, data showed today. The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations fell to 36.3 this month from 38.5 in June. Economists had forecast a gain to 40.
Telecom Italia tumbled 3.2 percent to 48.75 euro cents after saying a regulatory decision to cut access fees to the carrier’s network affected the feasibility of a network separation. This is the second setback for Chief Executive Officer Franco Bernabe’s plans to revive the company as a proposed merger with Hutchison Whampoa Ltd.’s 3 Italia unit ended amid price disagreement and antitrust concern.
Invensys Plc fell 1.1 percent to 504 pence. Makor Capital Ltd. said it doesn’t expect a competing bid for the company, following Schneider Electric SA’s 3.3 billion-pound ($5 billion) offer on July 11. Makor commented after the Sunday Times reported that General Electric Co. may bid for Invensys.
Swedbank AB slid 2 percent to 157.15 kronor after saying second-quarter net income fell to 1.59 billion kronor ($239 million), missing analysts’ projections for 1.87 billion kronor.
Rio Tinto rose 2.5 percent to 2,877.5 pence, leading a gauge of mining companies to the best performance as a group on the Stoxx 600. The world’s second-largest mining company said second-quarter iron-ore production increased to 51.8 million metric tons in the three months to June 30. That beat the 51.2 million-ton median estimate of seven analysts. The company also raised its forecast for full-year copper production.
FTSE 100 6,590.59 +4.48 +0.07%
CAC 40 3,863.42 -15.16 -0.39%
DAX 8,212.32 -22.49 -0.27%
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