European shares drop on downbeat euro area manufacturing, services data . . . . . . . . . . . . European shares retreated on Monday’s midday trading after disappointing euro area manufacturing and services PMI data. Euro area PMI composite of manufacturing and services came in at 52.8 in June from 53.5 in May, compared to median forecasts of 53.4. The manufacturing sector growth slowed to 51.9 from 52.2, while the services gauge recorded 52.8 from a prior of 53.2. The report raised concerns regarding recovery path in the euro area region amid the current low inflation. Later in the day, U.S. will released existing home sales for May with analysts predicting a rise to 4.74 million from a prior of 4.65 million. As of 07:01 EST, STOXX EUROPE 600 slipped 0.35% to record 346.87 points. Industrials led the decline with a drop of 0.62%, where Piraeus Bank recorded the largest losses as its shares plummeted 4.44% to 1.72 EUR. Kesko OYJ-B, on the other hand, led the largest gains as its equities rose 4.89% to 30.90 EUR. Regarding other major European indices, France’s CAC 40 index plunged 0.37% to 4524.55 points, and FTSE 100 slumped 0.31% to 6803.82 points. Germany`s DAX 30 edged down 0.39% to 9948.06 points. #egyptyard
Posted on: Mon, 23 Jun 2014 11:47:56 +0000
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