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European stocks fell for the first time in three days as Federal Reserve Chairman Ben S. Bernanke’s testimony to Congress disappointed investors looking for him to signal fresh stimulus measures.
Recent economic data have had a “generally disappointing tone,” Bernanke said in the first of two days testifying before Congress as part of the central bank’s semiannual monetary policy report. He said the Fed is prepared to take further action “as appropriate to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability,” without offering any specific policy ideas.
Minutes from the Fed’s June meeting, released on July 11, showed that two participants supported additional bond purchases, while two others said only a further deterioration in the economy would warrant them.
National benchmark indexes fell in eight of the 18 western European markets today. The U.K.’s FTSE 100 (UKX) declined 0.6 percent and France’s CAC 40 slipped 0.1 percent. Germany’s DAX rose 0.2 percent.
CSR rallied 34 percent to 292 pence, the biggest increase since it sold shares in 2004. Samsung, the world’s largest mobile-phone maker, agreed to buy the company’s wireless technology unit for $310 million in cash and take a minority stake in the British chip designer.
L’Oreal increased 1.4 percent to 93.33 euros as Credit Suisse Group AG upgraded the shares to neutral from underperform.
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