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Most European stocks dropped amid concern that slowing global growth is pulling down company earnings.
Investors also await the decision of the court on the revitalization of the German relief fund for the euro area. Some players had hoped that the German Constitutional Court to quickly sort out, whether the German law, the mechanism of the European Stability and planned changes in the euro zone budget rules. However, according to Finance Minister Wolfgang Schaeuble, the court decision is not expected until the autumn, and the mechanism of the European stability can not be started without the consent of Germany.
Yield of 10-year Spanish bonds is close to the critical level of 7 percent, and Italian - to 6 percent.
The Prime Minister of Italy, Mario Monti, from which the markets demand to save the economy, said that Italy might be interested in receiving assistance from the European Fund.
Little support for the German market had evidence that inflation in the country remained at 18-month low. So, in June, the annual CPI index growth in Germany remained unchanged 1.7%, which is the minimum value since December 2010, as shown by the Federal Office of Statistics, released today. The result of the indicator is more influenced by lower prices for electricity.
FTSE 100 5,642.73 -21.34 -0.38%
CAC 40 3,159.16 -16.25 -0.51%
DAX 6,444.65 +6.32 +0.10%
Burberry Group, the U.K.’s largest luxury-goods maker, declined 5.4 percent to 1,215 pence, its lowest since Jan. 6. The company reported a slowdown in first-quarter sales growth that trailed analysts’ estimates as revenue from its licensing business fell, signaling a possible slowdown for the luxury- goods industry.
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