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 at the world’s second-largest economy face a cash crunch.
Erste Group Bank AG dropped 6.5% as it planned a
rights-share offer to repay state aid. Kazakhmys Plc plunged 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).
The Stoxx Europe 600 Index declined 1.2 percent to 277.17.
The gauge is heading for an 7.9% drop in June, its biggest monthly loss
since August 2011, as the Federal Reserve said last week it may end bond
purchases next year if the U.S. economy strengthens in line with
forecasts. The Stoxx 600 has slumped 11 percent since May 22, when Fed
Chairman Ben S. Bernanke hinted about soon start of tapering.
According to experts’ opinion, what we’re seeing is a shift in the
policy agenda of China which will take place in the next six to nine
months. During that period, we will have continued volatility and
continued uncertainty. It will be painful as the adjustment goes
through.
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