FX & CFD trading involves significant risk
European stocks fell from the highest level in almost six weeks as German investor confidence unexpectedly dropped this month.
The Stoxx Europe 600 Index dropped 0.6 percent to 295.53 at 4:30 p.m. in London. The gauge has rallied in the past three weeks on optimism central banks will continue to support economic recovery.
German investor confidence unexpectedly dropped in July, data showed today. The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations fell to 36.3 this month from 38.5 in June. Economists had forecast a gain to 40.
U.S. industrial production rose in June by the most in four months, another release showed. Output at factories, mines and utilities climbed 0.3 percent, the biggest advance since February, after being little changed in May, a Federal Reserve report showed in Washington. The gain matched the median forecast.
National benchmark indexes fell in 16 of the 18 western European markets.
FTSE 100 6,566.87 -19.24 -0.29% CAC 40 3,851.91 -26.67 -0.69% DAX 8,205.63 -29.18 -0.35%
Telecom Italia retreated 3.6 percent to 48.54 euro cents after saying a regulatory decision to cut access fees to the carrier’s network affected the feasibility of a network separation. This is the second setback for Chief Executive Officer Franco Bernabe’s plans to revive the company as a proposed merger with Hutchison Whampoa Ltd.’s 3 Italia unit ended amid price disagreement and antitrust concern.
Invensys Plc fell 1.4 percent to 502.5 pence. Makor Capital Ltd. said it doesn’t expect a competing bid for the company, following Schneider Electric SA’s 3.3 billion-pound ($5 billion) offer on July 11. Makor commented after the Sunday Times reported that General Electric Co. may bid for Invensys.
Swedbank AB (SWEDA) slid 3.8 percent to 154.20 kronor after saying second-quarter net income fell to 1.59 billion kronor ($239 million), missing analysts’ projections for 1.87 billion kronor.
SES SA, the world’s largest publicly traded satellite operator, dropped 4.4 percent to 21.60 euros. Morgan Stanley downgraded the stock to underweight, a recommendation similar to sell, from overweight. The brokerage said the proliferation of satellite launches globally increases risk.
Rio Tinto rose 2.9 percent to 2,887.5 pence, leading a gauge of mining companies to the best performance as a group on the Stoxx 600. The world’s second-largest mining company said second-quarter iron-ore production increased to 51.8 million metric tons in the three months to June 30. That beat the 51.2 million-ton median estimate. The company also raised its forecast for full-year copper production.
Deutsche Lufthansa AG gained 0.7 percent to 15.53 euros, rising for a fourth day. Goldman Sachs Group Inc. raised its recommendation for the shares of Europe’s second-largest airline to neutral from sell.
|remaining time till the new event being published|
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.