European stocks fell for a fifth day, erasing their gains for the year, as Goldman Sachs Group Inc. cut China’s growth forecast amid concern banks in the world’s second-largest economy face a cash crunch.
The Stoxx Europe 600 Index declined 1.7% to 275.66 at the
close in London. The equity benchmark has entered a so-called
correction, having slumped 11% since May 22, when Federal Reserve
Chairman Ben S. Bernanke commented on the possibility of paring bond
purchases. The Stoxx 600 is heading for an 8.4% drop in June, its
biggest monthly loss since August 2011.
In Germany, data showed that business confidence increased
in June in line with economists’ estimates. The Ifo institute’s business
climate index, based on a survey of 7,000 executives, rose to 105.9
this month from 105.7 in May.
National benchmark indexes fell in all of the 17 western European markets trading today, except Iceland:
Erste Group Bank AG tumbled 8,5%, the most in 17 months as
it planned a rights offer to repay state aid. Kazakhmys Plc plunged 13%
to a four-year low as it backed a bid to take Eurasian Natural Resources
Corp. private. Kabel Deutschland Holding AG rose 1.7% after Vodafone
Group Plc offered to buy the German cable company for 7.7 billion euros
($10.1 billion).
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