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European stocks declined, registering with the fourth decline in the past five days, after a report showed that business activity in the manufacturing sector fell unexpectedly this month. Note also that such dynamics influenced by the fact that the President of Cyprus, was working on a new plan for the salvation of the euro zone.
Stoxx 600 fell 0.5% to 295.2.
As shown by recent studies, which were presented today Markit Economics, growth in the private sector in Germany has slowed, departing from the 19-month high, which was recorded in January, reflecting a decline in production and a slowdown in the service sector.
According to the report, the seasonally adjusted composite index, which measures activity in the manufacturing sector and the service sector declined in March to 51, up from 53.3 in February, showing at the same time, the lowest in the last three months. Furthermore, it became known that the index of business activity in the services sector unexpectedly fell to 51.6 from 54.7 in February. Note that according to forecasts, the index would rise to the level of 55. Recall that the value of this index above 50 indicates expansion, while values below 50 suggests contraction. Meanwhile, add the index of business activity in the manufacturing sector fell this month to reach 48.9, up from 50.3 in February, and the consensus forecast at 50.5.
Lanxess price fell 6.3% to 58.09 euros after the company said that the projected income before expenses for taxes, interest and depreciation, reduced to a mere 160 million euros ($ 207 million) in the current quarter. The chemical maker also said that the budget for 2013 is already incorporated lower profits.
Shares of Hennes & Mauritz AB rose 1.6% to 230.20 crowns, even after the company said net income in the first quarter was 2.46 billion kronor ($ 381 million), compared with the average forecast Analysts at 2.57 billion euros.
FTSE 100 6,382.89 -49.81 -0.77%
CAC 40 3,784.66 -44.90 -1.17%
DAX 7,930.23 -71.74 -0.90%
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