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25.02.2014 11:31

European stocks dropped from a six-year high

European stocks dropped from a six-year high on concern about Chinese growth and as companies from Vivendi SA to Fresenius Medical Care AG posted disappointing results. U.S. stock-index futures were little changed, while Asian shares rose.

A U.S. report at 9 a.m. New York time may show that the S&P/Case-Shiller index of property prices in 20 cities climbed 13.4 percent in December from December 2012, after a 13.7 percent gain in the year ended in November, according to the median forecast of economists in a Bloomberg News survey.

Separate data an hour later will probably show that a gauge of confidence among U.S. consumers fell to 80 this month from 80.7 in January, the projections show.

In China, the Shanghai Composite Index plunged 2 percent and the yuan fell the most in five years on concern that a weaker property market will crimp growth. The nation’s central bank is draining funds from the financial system as lower money-market rates signal ample supplies of yuan amid a government drive to clean up risky lending practices.

Vivendi declined 4.7 percent to 20.26 euros. Fourth-quarter sales fell 4.6 percent to 5.95 billion euros ($8.2 billion), trailing the 6.03 billion-euro average analyst estimate compiled by Bloomberg.

Fresenius Medical Care dropped 6.9 percent to 49.23 euros. The company expects net income will be between $1 billion and $1.05 billion this year compared to $1.1 billion in 2013 as governments reduce health spending. The high end of the forecast range is lower than the $1.19 billion average of 20 analysts’ estimates.

Parent company Fresenius SE slid 8.4 percent to 109 euros.

FTSE 100 6,804.7 -61.16 -0.89%

CAC 40 4,395.53 -23.60 -0.53%

DAX 9,659.95 -48.99 -0.50%

25.02.2014 13:00

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