European stocks dropped to their lowest level in four weeks as U.S. House Speaker John Boehner ruled out raising the federal government’s debt limit without setting preconditions.
The Stoxx Europe 600 Index slid 0.2% to 309.18 at the close in London, after earlier falling as much as 1%.
Republican and Democrat lawmakers continued to clash over the emergency budget needed to end the shutdown. The move has placed thousands of federal employees on unpaid leave and closed down some services.
Boehner, the Republicans’ leader in the House of Representatives, continued to demand changes to President Barack Obama’s health-care act before agreeing to extend the borrowing authority. The Treasury has said it will exhaust measures to avoid exceeding the $16.7 trillion debt ceiling on Oct. 17. If that happens, the U.S. will run out of money to pay all of its bills at some point between Oct. 22 and Oct. 31, according to the Congressional Budget Office.
Burberry Group Plc (BRBY) retreated 1.2% as its chief executive officer told a newspaper that the slowdown in Chinese luxury-goods sales may continue.
SAP AG lost 2.2%, contributing the most to a decline by a gauge of technology stocks, after a report that the German software maker has held talks with BlackBerry Ltd. Solvay SA (SOLB) climbed 1.2% after agreeing to buy U.S. chemicals maker Chemlogics Group LLC.
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