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European shares drop on downbeat German confidence data

February 18, 2014

European shares tumbled on midday trading on Tuesday, after a report showing a drop for a second month in German investor confidence. A report released today showed that the index of investor and analyst expectations retreated to 55.7 in February from 61.7 in January, lower than median estimate of 61.5. In the euro area, ZEW survey (expectations) plummeted from a record high of 73.3 to 68.5. On the upside,  Italian centre-left leader Matteo Renzi has got the green light to form a new government, promising to adopt comprehensive reforms to revitalize Europe's third biggest economy. As of 06:48 EST, STOXX EUROPE 600 slipped 0.40% to record 333.23 points. Consumer Goods led the decline with a drop of 0.51%, where the largest losses were recorded by Alstom as its shares plummeted 4.65% to 149.99 euros. The largest gains, on the other hand, were led by Hochtief AG as its equities rose 4.54% to 62.63 euros.  Regarding other major European indices, Germany`s DAX 30 slipped 0.24% to 9634.01 points. France's CAC 40 index slumped 0.42% to 4316.79 points, and FTSE 100 soared 0.14% to 6745.59 points.

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Source: Financial Markets

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