News Column

European Stocks Down 2.2% For The Week

June 27, 2014

BRUSSELS (Alliance News) - European stocks faded in the final hours of trading Friday, unable to trim this week's sharp losses.

The Euro Stoxx 50 index of eurozone bluechip stocks fell 0.13% for a weekly loss of 2.23%.

The German DAX, the FTSE of the UK and the CAC of France were all little changed from the previous session.

Barclays Chief Executive Antony Jenkins said in a staff memo Thursday that the bank will conduct an internal probe amid accusations of fraud by the New York Attorney General, according to the Wall Street Journal. Shares rose 0.6%.

BNP Paribas will plead guilty to helping some countries to avoid US sanctions and will pay an USD8.9 billion fine, the New York Times reported Friday. Shares were up 0.7%.

Rolls Royce rose 2.2% on talk that Airbus will re-fit its A330 aircraft with engines made by Rolls.

Germany's RWE gained 1.1%. Macquaire initiated RWE with an ''Outperform'' rating and E.ON with a ''Neutral'' rating.

Ophir Energy lost 5.5%. UBS cut the stock to ''Neutral'' from ''Buy.''

Imagination Technologies lost 6.4% after Intel sold a stake in the company.

The US FDA approved Ranbaxy Laboratories Ltd's generic version of Novartis AG's blood pressure drug Diovan. Novartis gained 0.12%.

Roche says that European regulators have recommended approval of its drug Avastin as a treatment for women with ovarian cancer. Shares rose 0.8%.

In economic news, a European Commission survey found there was a decline in confidence in the region among businesses and households in June.

House prices growth in the UK continued to slow in June, results of a survey by Hometrack showed Friday.

House prices rose 0.3% on month in June, a slower rate of increase than the 0.5% rise in May. This marked the slowest growth in prices since January 2014.

From the US, Thomson Reuters and the University of Michigan released a report on Friday showing that consumer sentiment improved in the month of June.

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Source: Alliance News

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