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17.10.2013 10:31

European stock fell

European stocks fell from a five-year high as companies from Sulzer (SUN) AG to Outotec Oyj lowered their financial targets, while a Chinese rating company downgraded the American government’s debt. U.S. index futures also retreated, while Asian shares rose.

The Stoxx Europe 600 Index lost 0.3 percent to 314.71 at 10:24 a.m. in London as more than two stocks dropped for every one that climbed. The equity benchmark rose to its highest level since June 2008 yesterday on optimism U.S. lawmakers would reach a deal to reopen the government and increase the debt ceiling.

In the U.S., President Barack Obama signed into law a measure to extend the nation’s borrowing authority into early 2014 and end the government shutdown that started Oct. 1. The deal avoided a default and means that federal workers will return to their jobs from today.

Dagong Global Credit Rating downgraded the U.S. to A- from A and reiterated its negative outlook on the government of the world’s largest economy. The rating company said the U.S. will struggle to avoid repeating this week’s political impasse over the limit on sovereign debt, according to a statement.

Sulzer fell 4.8 percent to 131.70 Swiss francs after predicting that 2013 sales will probably not exceed the 4.02 billion francs ($4.4 billion) generated in 2012. The pump manufacturer predicted slight growth for revenue this year when it reported half-year results on July 23. That was a downgrade from an earlier forecast for moderate growth.

Outotec slumped 12 percent to 8.58 euros. The Finnish company forecast that it will generate no more than 2.1 billion euros ($2.9 billion) in sales in 2013 because its order intake has declined in the first nine months of this year. Outotec had predicted revenue of as much as 2.3 billion euros.

Nutreco NV slid 3.9 percent to 36.27 euros after the world’s largest supplier of fish feed forecast earnings before interest, taxes and amortization of about 255 million euros in 2013. The company had predicted it would at least match last year’s 262.1 million euros.

FTSE 100 6,562.46 -9.13 -0.14%

CAC 40 4,224.01 -19.71 -0.46%

DAX 8,803.35 -42.65 -0.48%

17.10.2013 12:01

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