STOCKS weekly review: 10.06 -- 14.06.2013 (EUROPE)

European stocks fell for a fourth week, the longest streak of losses in more than a year, as concern grew that central banks may reduce stimulus measures.

The benchmark Stoxx Europe 600 Index slid 1.5% to 291.13 last week, the longest stretch of declines since April 2012. The measure has retreated 6.3% since Federal Reserve Chairman Ben S. Bernanke said May 22 that the central bank may lower its stimulus measures if the U.S. economy improves sustainably.

National benchmark indexes fell last week. The U.K.’s FTSE 100 lost 1.6%. France’s CAC 40 decreased 1.7% and Germany’s DAX Index (DAX) declined 1.5%.

The Greece ASE Index (ASE) dropped 6.8% last  week as politicians wrangled over the closure of the state-controlled broadcaster ERT, renewing concerns about the stability of the Greek government.

Severn Trent slid 15%, its biggest weekly drop since October 2008. A bidding group led by Canada’s Borealis Infrastructure Management Inc. abandoned a 5.3 billion-pound ($8.3 billion) plan to take over the water utility as a deadline expired on June 11.

Legrand declined 5.9%, the largest weekly decline since June 2012. Wendel, France’s biggest publicly-traded investment firm, sold the remaining 14.4 million shares it held in the world’s largest maker of switches, plugs and lighting controls on June 11.

Royal Bank of Scotland Group Plc slid 3.5% after saying June 12 that Chief Executive Officer Stephen Hester will resign this year. Hester said he is stepping down at the board’s request as the state-controlled British bank prepares for privatization.

Kabel Deutschland advanced 11%, the biggest weekly gain since at least April 2010, after Vodafone said June 12 that it made a “preliminary approach” to discuss acquiring the German cable operator to expand in the broadband and TV markets. Vodafone will bid for Kabel within days, Wirtschaftswoche magazine reported on June 14, citing unidentified bankers. The offer would have to exceed 10 billion euros, including debt, according to the report.

The world’s second-biggest wireless carrier tumbled 6.2%. A gauge of telecommunications companies dropped 3.1% last week for the worst performance among 19 industry groups in the Stoxx 600.

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