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19.06.2013 17:20

European stock close

Most European stocks slipped as investors awaited the conclusion of the Federal Reserve's policy meeting for indications on the duration of stimulus measures.

The Stoxx Europe 600 Index fell 0.2 percent to 292.46 at the 4:34 p.m. in London, as more than three shares declined for every two that gained. The gauge has lost 5.8 percent since May 22, when Fed Chairman Ben S. Bernanke said the U.S. central bank could pare stimulus measures if the world's largest economy improves sustainably.

National benchmark indexes fell in 13 of the 18 western European markets.

FTSE 100 6,348.82 -25.39 -0.40% CAC 40 3,839.34 -21.21 -0.55% DAX 8,197.08 -32.43 -0.39%

Nordea (NDA) slid 4.1 percent to 75.50 kronor, the biggest decline since May 2012. Sweden sold 260 million shares in the bank at 75 kronor apiece to cut the country's public debt. The sale reduces the government's stake to 7 percent from 13.4 percent.

Swedish lenders SEB AB and Swedbank AB both declined, falling 3.2 percent to 65.60 kronor and 1.6 percent to 155.5 kronor, respectively.

Konecranes slid 6.7 percent to 22.65 euros after the world's biggest supplier of industrial cranes lowered its full-year profit guidance, saying it now sees operating income ex-restructuring costs at 2012 levels. It had previously estimated an increase in earnings.

BT Group Plc retreated 1.6 percent to 314.2 pence after the U.K. phone company said Gavin Patterson will succeed Ian Livingston as chief executive officer. U.K. Prime Minister David Cameron said Livingston will be appointed a trade minister at the end of the year to replace former HSBC Holdings Plc Chairman Stephen Green.

Fomento de Construcciones & Contratas SA tumbled 5.1 percent to 7.43 euros in Madrid after the Spanish construction company's Austrian unit, Alpine Holding GmbH, failed to reach a refinancing agreement with creditors. Alpine Bau, the company's operating unit with businesses in Austria, Germany and eastern Europe that employ 15,000 staff, plans to file for restructuring to rescue parts of the group, Alpine said in a statement. Alpine Holding will probably go insolvent in the process, it said.

Alcatel-Lucent rallied 6 percent to 1.49 euros, the highest since April 17, 2012. The company announced plans to sell assets and save another 1 billion euros in fixed costs by 2015 to stem losses and focus the company on more promising business like ultra-high-speed Internet. After 2015, Alcatel will look to cut its debt by 2 billion euros by selling shares on the stock market or through further asset sales, the Paris-based company said.

Nokia Oyj (NOK1V) climbed 4.2 percent to 2.88 euros. The mobile-phone maker's American depositary receipts surged as much as 12 percent in after-market New York trading as the Financial Times reported that China's Huawei Technologies Co. may be interested in buying the company.

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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