Eurostoxx 50:2,790.09 (–54.42) Frankfurt DAX:7,402.73 (–68.71) Paris CAC:3,913.55 (–66.41)
EUROPEAN STOCKS dropped yesterday, as a report showed the US economy added fewer workers in June than predicted, indicating that the economic recovery is faltering.
“Non-farm payrolls disappointing will create uncertainty about future indicators,” said Anders Nellemose, chief strategist at Danske Bank in Copenhagen, before the US Labor Department published its jobs report.
European stocks plunged as the US Labor Department reported that employers added fewer workers in June than economists had predicted. Payrolls rose by 18,000 workers last month, missing the average estimate for an increase of 105,000.
The department also revised down the number of workers hired in May to 25,000 from 54,000.
Adecco, the world’s largest supplier of temporary workers, dropped 3.7 per cent to 53.60 Swiss francs.
Vedanta Resources slumped 4.3 per cent to 1,973p and Antofagasta decreased 4.5 per cent to 1,424p.
BHP Billiton, the world’s biggest miner, dropped 2.7 per cent to 2,454p.
BSkyB tumbled 7.6 per cent to 750p, its biggest drop since October 2008, after News Corporation decided to close its News of the World tabloid newspaper after a phone-tapping scandal.
Trinity Mirror, the publisher of the UK’s Daily Mirror newspaper, surged 4.2 per cent to 50p.
UniCredit sank 7.9 per cent to €1.23 as Italy’s bonds slid for a fifth straight day, pushing yields to a nine-year high.
Banca Popolare di Milano Scarl dropped 6.1 per cent to €1.53 and Intesa Sanpaolo retreated 4.6 per cent to €1.65.
European regulators moved to staunch the euro area’s banking crisis by requiring companies to publish greater details of their assets and future profitability.
Santander retreated 3.8 per cent to €7.56 and Banco Bilbao Vizcaya Argentaria dropped 4 per cent to €7.52.
RWE, Germany’s second-biggest utility, fell 4 per cent to €37.02 after the Financial Times Deutschland reported that the company’s supervisory board may debate a share sale at an extraordinary meeting at the beginning of August. – (Reuters)
