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02.07.2013 10:33

European stocks retreated

European stocks retreated, following yesterday's rally for the Stoxx Europe 600 Index, as investors awaited a report on American factory orders. U.S. index futures and Asian shares climbed.

In the U.K., a report showed that construction rose in June less than forecast. An index of activity in the industry climbed to 51, from 50.8 in May. That missed the median economist estimate in a Bloomberg survey for a reading of 51.2.

Fresenius Medical Care slumped 8.7 percent to 49.70 euros as the U.S. government's Health and Human Services Department proposed cutting payments to kidney-dialysis centers from next year. Payments to the German company, which runs clinics offering the procedure in the U.S., may drop 9.4 percent in 2014 under the plans to reduce spending on Medicare. A gauge of European health-care companies declined, with Fresenius SE, which owns 94 percent of Fresenius Medical Care, sliding 3.7 percent to 91.96 euros.

Telefonica Deutschland declined 3 percent to 5.36 euros after Commerzbank cut the German business of Telefonica SA to hold from buy. The brokerage said that new uncertainties, including a probable spectrum auction in Europe's largest economy in the next two years, limit the shares' upside.

Michelin & Cie. increased 1.9 percent to 70.46 euros after UBS raised Europe's largest tiremaker to buy from neutral, citing improved cost positions that enable more competitive pricing and higher profits.

FTSE 100 6,284.25 -23.53 -0.37%

CAC 40 3,753.9 -13.58 -0.36%

DAX 7,918.81 -65.11 -0.82%

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