STOCKS weekly review (24.06 – 28.06.2013) EUROPE

European stocks dropped Friday, paring their biggest weekly gain in almost two months.

The Stoxx 600 has increased 1.7% last week to 285.02 at the close of trading. The gauge has still dropped 5.3% in June, paring its gain this year to 1.9%.

France’s CAC 40 Index added 2.24% to 3,738.91, Germany’s DAX rose 2.21% to 7,959.22 and the U.K.’s FTSE 100 increased 1.64% to 6,215.47.

In Europe, German retail sales rose in May more than economists had forecast. Sales adjusted for inflation and seasonal swings climbed 0.8% from April, when they fell a revised 0.1%. Economists had predicted an increase of 0.4%.

Air France-KLM retreated 2.8%. La Tribune reported that short- and medium-haul flights will weigh heavily on the airline’s second-quarter results. The French newspaper did not identify its source.

Hannover Re lost 1.3% after Exane BNP Paribas SA downgraded the world’s fourth-largest reinsurer to neutral from outperform.

SAP AG, the largest maker of business-management software, declined 3% after the European technology companies posted the biggest decline of the 19 industry groups on the Stoxx 600 after Accenture forecast fourth-quarter revenue that missed the average analyst estimate of $7.36 billion. The world’s second-biggest technology-consulting company projected sales of $6.7 billion to $7 billion.

Mediaset climbed 2.8% after Credit Suisse raised its price target on the broadcaster to 4.40 euros from 2.65 euros.

Serco jumped 2.7% after the U.K. services company said its investment in bidding for contracts and new market development activity has increased.

Schroders Plc gained 1.3% after Exane raised its recommendation on Europe’s biggest independent money manager to outperform, which is similar to a buy rating, from neutral. 

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