European stocks slip after strong US data on Monday sparked
fears that the Fed will begin to taper its bond-buying program as
early as this month.
Around the region, the number of people filing for jobless
benefits in Spain dropped by 2,475 from October to 4.8 million to
register the first-ever decline in November. Over the last 12
months, the number has fallen by 98,909.
Eurozone producer prices fell by 0.5% from September, and were
1.4% lower than in October 2012. That was the largest drop over a
12-month period since December 2009. The decline in prices over the
month and year was larger than expected.
Data firm Markit and the Chartered Institute of Chartered
Surveyors' monthly construction purchasing managers index in the UK
rose to a balance of 62.6 in November, the highest level since
August 2007 and up from October's 59.4.
French shares also came under some pressure after Credit Suisse
Group AG cut its rating on French stocks to underweight from
In ADR news, HSBC (
) was cut to neutral from buy at Nomura.
) may be saved from making hundreds of millions of dollars in
compensation payments stemming from its 2010 oil spill in the Gulf
of Mexico. An Appeals court sent a case back to the lower courts to
consider causation and halted for now any payments to any business
that can't trace its injury directly back to the spill.
Smith & Nephew (
) is raised to overweight from equalweight at Morgan Stanley.
) slips after smaller rival Iliad launched a low-cost 4G mobile
broadband service, sparking fears of more competition.
) eases after the company said tests showed its U300 treatment
wasn't more effective than the company's best-selling Lantus
diabetes drug in a test of patients not already taking insulin.
The FTSE-100 was last down 0.95% at 6,532.43, the DAX down 1.9%
at 9,223.40 and the CAC-40 down 2.65% at 4,172.44.
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