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European (SXXP) stocks retreated, following their biggest weekly gain in a month, as China’s economy grew at a slower pace than estimated and as investors awaited a report on manufacturing in the New York area. U.S. index futures and Asian shares also fell.
In China, gross domestic product rose 7.7 percent in the first quarter, the National Bureau of Statistics said in Beijing. That compared with the 8 percent median forecast by analysts in a Bloomberg News survey and the 7.9 percent pace in the fourth quarter. The country’s industrial production increased in March at a slower rate than economists’ had estimated, while retail-sales growth matched forecasts.
Manufacturing in the New York region expanded for a third month in April, a report at 8:30 a.m. local time may show. The Federal Reserve Bank of New York’s general economic index slowed to 7 this month from 9.2 in March, economists forecast in a Bloomberg News survey. Readings greater than zero mean that activity increased.
Deutsche Telekom advanced 2.2 percent to 8.97 euros. Dish Network Chairman Charlie Ergen proposed a merger with T-Mobile USA Inc. before Deutsche Telekom announced an improved bid for MetroPCS Communications Inc. on April 10, people familiar with the situation said. Germany’s largest telecommunications operator may consider Dish’s proposal, the people said.
Philipp Schindera, a spokesman for Bonn-based Deutsche Telekom, and Dish spokesman Bob Toevs declined to comment.
Centrica rose 1 percent to 383.1 pence after purchasing the gas assets in southern and central Alberta from Suncor Energy Inc. for $980 million. Centrica will own 60 percent of the fields and Qatar Petroleum 40 percent, according to a statement from the Windsor, U.K.-based company
At that moment:
FTSE 100 6,322.2 -62.19 -0.97%
CAC 40 3,700.66 -28.64 -0.77%DAX 7,684.39 -60.38 -0.78%
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