European stock indices slipped on Tuesday amid a mixed bag of corporate updates and as a closely watched gauge of eurozone confidence came in worse than expected
Germany’s ZEW index of analysts’ and investors’ economic sentiment in Germany unexpectedly plunged in July to minus 6.8, the lowest reading since November 2012, from 19.2. Their assessment of the current situation also fell more than expected. Respondents’ economic sentiment for the eurozone also plummeted deep into negative territory, at minus 14.7, compared with forecasts for a decline to 12.3 from 20.2. ZEW blamed uncertainty surrounding the Brexit vote.
Meanwhile a slew of price data from the U.K. included news that inflation accelerated more than expected to 0.5% in June. Annual price growth had stagnated at 0.3% in May.
The FTSE 100 was recently down 0.47% at 6,663.97, led by minersGlencore, Anglo American, Rio Tinto (RIO) and BHP (BHP) .
In Frankfurt the Dax fell 1.21% to 9,941.68 and in Paris the Cac 40 fell 0.89% to 4,318.96.
S&P 500 mini futures were recently down 0.27%.
Ericsson (ERIC) rose 2% in Stockholm. The restructuring telecom equipment maker announced more cost cuts as it reported second-quarter sales that fell below forecasts.
In London Rio Tinto slipped more than 4%. Second-quarter output figures showed output and shipments from its core iron ore operations in Western Australia rose slightly less than expected, but it kept its full-year shipment forecast intact.
Chemicals maker Akzo Nobel (AKZOY) fell more than 6% in Amsterdam even after second-quarter results came in slightly ahead of expectations after the maker of Dulux paint said a Brexit-related slowdown in U.K. housebuilding may hit its business.
SOURCE: The Street
