European
stocks declined as data showed euro-area output expanded at a slower
pace in April, and Ericsson AB led technology shares lower.
The
Stoxx Europe 600 Index lost 0.4 percent to 407.18 at the close of
trading, having earlier tumbled as much as 1 percent and gained 0.4
percent. A report showed euro-area manufacturing and services missed
forecasts, signaling it may take longer for European Central Bank
President Mario Draghi’s quantitative-easing plan to revive the economy.
Germany’s
DAX Index slid 1.2 percent, among the worst in western-European
markets, and France’s CAC 40 Index dropped 0.6 percent as similar data
from those countries also disappointed.
Europe’s
equity benchmark gauge has surged 19 percent in 2015, and last reached a
record on April 15. It rallied the first two days of this week as
results from SAP SE and Actelion Ltd. topped analysts’ projections and
China’s central bank boosted stimulus measures.
A
gauge of technology stocks fell the most among 19 industry groups, with
Ericsson sliding 10 percent after reporting worse-than-forecast
profitability. The index had closed at its highest level since 2002 on
Wednesday.
Source : Bloomberg
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