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Most European stocks declined as demand fell at a Spanish debt auction, U.S. consumer confidence sank to a five-month low and Germany criticized European Union proposals to address the financial crisis for putting too much emphasis on debt sharing.
Demand declined and yields rose at an auction of Spanish debt. Spain sold three-month bills at an average 2.362 percent, compared with 0.846 percent at the last auction on May 22, and six-month bills at an average rate of 3.237 percent, compared with 1.737 percent last month. Demand for the three-month securities was 2.6 times the amount sold, compared with 3.95 times in May, while the bid-to-cover ratio for the six-month bills was 2.82 compared with 4.3.
FTSE 100 5,446.96 -3.69 -0.07%, CAC 40 3,012.71 -8.93 -0.30%, DAX 6,136.69 +4.30 +0.07%
Infineon Technologies AG tumbled the most in three years after cutting its sales forecast.
Bayerische Motoren Werke AG slid 2.6 percent as Citigroup Inc. downgraded the world’s biggest maker of luxury vehicles.
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