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08.07.2014 16:17

European stocks close: stocks fell due to more banks may be fined by U.S. authorities

Stock indices fell due to more European banks may be fined by U.S. authorities. Commerzbank AG shares declined 5.6% after a person with knowledge of the matter said the bank was negotiating a settlement with U.S. authorities over their dealings with countries blacklisted by the U.S.

Germany's trade surplus increased to €18.8 billion in May from €17.2 billion in April. April's figure was revised down from a surplus of €17.7 billion. Analysts had expected the trade surplus to decline to €15.7 billion in May.

France's trade deficit widened to €4.9 billion in June from a deficit of €4.1 billion in May. May's figure was revised down from a deficit of €3.9 billion. Analysts had expected the trade deficit to increase to €4.1 billion in May.

Manufacturing production in the U.K. declined 1.3% in May, missing expectations for a 0.5% gain, after a 0.4% rise in April. That was the largest decline since January 2013.

Industrial production in the U.K. dropped 0.7% in May, missing forecasts of a 0.3% increase, after the 0.4% rise in April. That was the biggest decline since August 2013.

The National Institute of Economic and Social Research released its GDP estimate for U.K. NIESR estimates the GDP growth at 0.9% in the second quarter, up from 0.8% in the first quarter.

Air France-KLM shares dropped 8.7% after the company lowered its full-year profit forecast.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,738.45 -85.06 -1.25%

DAX 9,772.67 -133.40 -1.35%

CAC 40 4,342.53 -63.23 -1.44%

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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