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25.07.2012 17:35

European stocks close:

European stocks continued their decline, which has already lasted four days in a row. The fall was caused by walked out of the UK data, which showed that the economy in the second quarter declined most rapidly in the last three years, and data on the U.S. for the sale of new buildings that unexpectedly fell last month.

Shares of BT Group Plc (BT) fell 3.3% after the largest telecommunications provider in the UK announced a reduction of profits. Drax Group Plc (DRX) fell by 15% after the British government raised its subsidies for renewable energy by offering less financial support than predicted. Daimler AG (DAI) rose 4.1% after it became known that in the second quarter, sales increased by 10% to 28.9 billion euros ($ 35 billion). The third-largest producer of luxury cars also said that earnings before interest and taxes amounted to 2.24 billion euros, compared with analysts' expectations at 2.2 billion euros.

Stoxx Europe 600 Index fell 0.1% to 250.39 at the close of trading.

FTSE 100 5,498.32 -0.91 -0.02% CAC 40 3,081.74 +7.06 +0.23% DAX 6,406.52 +16.11 +0.25%

Also, important news, which affected the decrease in the index were data on the IFO business climate index in Germany, which fell to its lowest level since March 2010. The index dropped to 103.3 from 105.2 in June.

Two-year note yield rose to Spain 7.15%, having risen above 7% for the first time since the introduction of the single currency.

Shares of GlaxoSmithKline Plc (GSK) fell 1.3% to 1,426.5 pence, after reducing the projected level of sales for this year. London-based company said in the second quarter, earnings per share were 26.4 pence, which is lower than the average of analysts at 26.8 pence.

Shares of Informa Plc fell 5.3% to 350.4 pence after the company announced a reduction of profits.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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