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11.09.2012 10:15

European stocks fell

 

 

European stocks fell for a second day amid concern developments in Spain or Germany will derail the European Central Bank’s bond-buying plan. Asian shares declined while U.S. index futures advanced.

Mariano Rajoy, Spain’s prime minister, said late yesterday he won’t allow the European Union or the ECB to stipulate how the nation narrows its budget deficit as a condition for buying the country’s bonds.

Tomorrow, Germany’s Federal Constitutional Court in Karlsruhe will decide whether to halt the country’s participation in the 500 billion-euro ($640 billion) European Stability Mechanism, the euro area’s permanent bailout fund.

Investors are also awaiting a policy statement on Sept. 13 from the Federal Reserve. On Aug. 31, Chairman Ben S. Bernanke said the U.S. central bank will provide further stimulus as needed to cement a recovery, citing his concern about the jobless rate.

Burberry plunged 18 percent to 1,123 pence, the largest decline since November 2008. Britain’s biggest maker of luxury goods said adjusted pretax profit in the year through March will be at the lower end of analyst estimates, which range from 407 million pounds ($652 million) to 454 million pounds.

PPR sank 3.8 percent to 123.05 euros in Paris and Richemont, the biggest maker of jewelry, lost 5.1 percent to 60.90 Swiss francs in Zurich. 

FTSE 100 5,771.61 -21.59 -0.37%

CAC 40 3,496.01 -10.04 -0.29%

DAX 7,209.34 -4.36 -0.06%

 

11.09.2012 11:34

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