European Shares Slip Amid Mixed Data, Syria Also Keeps a Lid on Market


European bourses declined amid mixed data. Tensions around Syria and whether the U.S. will have to go solo on a military strike also keep investors at bay.

An index of monthly UK consumer confidence from market research institute GfK rose to a near-four year high of minus 13 in August from minus 16 in July, beating analyst expectations.

Meanwhile, British Chambers of Commerce made a second consecutive upward revision to its economic forecast and now expects growth of 1.3% this year, compared with its previous estimate of 0.9%.

UK house prices also rose 0.6% in August from July and were 3.5% higher from a year earlier. In July house prices rose 0.9% on the month and were 3.9% higher on the year.

In the eurozone, business confidence increased by 2.7 points to 95.2 in August.

Eurostat said annual consumer price inflation in August would be 1.3%, down from 1.6% in the previous month due mainly to a drop in energy prices.

Joblessness fell by 5,000 in August, but the jobless rate stayed at an all-time high of 12.1%, according to figures from Eurostat.

German retail sales in July dropped 1.4% on the month, adding to June's 0.8% decline, the federal statistics office said.

In the United States, consumer spending edged up 0.1% last month on a seasonally adjusted basis, the Commerce Department said. Economists polled by MarketWatch had forecast a 0.3% advance.

The University of Michigan/Thomson Reuters consumer-sentiment index dropped from its highest level in six years in August.

In ADR news, Deutsche Bank ( DB ) was upgraded to overweight from neutral at J.P. Morgan Cazenove.

Telecom Italia ( TI ) firmed after analysts at Bernstein said the company could be the next in the recent trend of mergers in the European telecom sector. Bernstein also upgraded the shares to outperform from market perform.

The FTSE-100 was last down 1.08% at 6,412.93, the DAX down 1.12% at 8,103.15 and the CAC-40 down 1.32% at 3,933.78.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: DB , TI

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