European Shares Slip Ahead of FOMC Meeting Minutes


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European stocks declined before the release of the Federal Open Market Committee meeting's July minutes.

Investors will be combing the minutes to glean clues as to when the Fed may start to taper its bond-buying program. Many economists expect a taper to begin in September.

Meanwhile, July's US existing-home sales rose 6.5% to a seasonally adjusted annual rate of 5.39 million, the highest level since late 2009, the National Association of Realtors said. Economists polled by MarketWatch had expected a July sales rate of 5.21 million.

Around the region, the Confederation of British Industry polled 413 manufacturers in late July and the first half of August. Some 37% of them said output rose in the past three months, while 21% said it fell. The resulting balance of +16 is the highest since August 2011, the CBI said.

In ADR news, Veolia Environnement SA ( VE ) hit a new 52-week high after Morgan Stanley upgrades the stock to overweight from equal weight and adds the stock to its best ideas list.

The FTSE-100 was last down 0.97% at 6,390.84, the DAX down 0.18% at 8,285.41 and the CAC-40 down 0.34% at 4,015.09.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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